CSIRO says it has revealed a 'blueprint' for how medical technologies and pharmaceuticals (MTP) can add an additional $18 billion to the Australian economy and create 28,000 new jobs within the next eight years.
It says The Medical Technologies and Pharmaceuticals Roadmap sets out a path for Australia to become an important player in the MTP sector, which is expected to grow to almost $3 trillion globally by 2025. The roadmap was written in collaboration with industry, government and researchers.
“Our Strategy 2020 sets out a vision to be Australia’s Innovation Catalyst and created our new OneHealth group. The Medical Technologies and Pharmaceuticals Roadmap is part of that vision and the guidepost that will help the MTP sector to become a key pillar of our economy, creating jobs and growth for Australia,” said CSIRO Chief Executive Dr Larry Marshall.
“The symbiosis of digital with physical creates new individualised medtech solutions, from 3D printed replacement body parts to personalised brain cancer treatments, growing this sector will save lives in Australia and around the world.”
Dr Marshall continued, “The Medical Technologies and Pharmaceuticals Roadmap shows how Australia can use excellent science to effectively navigate the challenges associated with an ageing population, while also capitalising on global opportunities,”
MTPConnect, the government-funded Industry Innovation Growth Centre for the sector, has estimated Australia can create an additional 28,000 jobs by 2025 and add an additional $18 billion to the economy over this period if measures outlined in the CSIRO roadmap are adopted.
“Australia is acknowledged as a world leader in the medtech, biotech and pharma sector due to our vibrant research environment,” said Sue MacLeman, chief executive of MTPConnect.
“It is now time for us to come together as a sector to harness our research capabilities, work to our strengths and produce an internationally renowned commercialisation ecosystem to secure the economic and physical health of our future generations.”
The Medical Technologies and Pharmaceuticals Roadmap is the second in a series of Roadmaps being produced by CSIRO.