A new report, prepared by MTPConnect in partnership with BioPacific Partners examines Australia’s engagement with global pharma & medtech firms.
Released by MTPConnect at the BIO International Convention in Philadelphia, the report highlights the role played by multinational pharmaceutical and medical technology companies in nurturing Australia's healthtech research and commercialisation.
The report examines the factors determining the attitudes of multinational companies engaging with Australian pharma and medtech innovators and provides a unique, consolidated overview of the global market and the Australian industry as well as exploring sector trends and drivers.
Our report underscores the fact that the market for innovation is global and reaffirms the high regard that multinational pharmaceutical and medical technology firms generally have for Australia's excellence in science and research and the quality of our regulatory system, Dr Grant said.
In order to make medical technologies and pharmaceutical innovation more attractive to multinational companies, this report uncovers tangible solutions to mitigate the hurdles that exist.
- Focus on areas of overlap between global multinationals and areas of excellence in Australian innovation;
- Identify the right targets to save wasted effort chasing companies that will ultimately have no interest in a technology;
- Be present at the right events and prepare wisely for them;
- Consider taking part in global accelerator competitions to accelerate development and get noticed;
- Seek early stage collaboration with multinational companies where relevant;
- Prepare for the long game, particularly in medical technology where acquisitions tend to happen at a later stage; and
- Consider geographies outside the traditional regions: As China continues to open up it will increasingly challenge the market dominance of the United States and Europe.
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