Australia’s engagement with global pharma and medtech firms, and how health research and commercialisation can be fostered, was examined in a report released by MTPConnect during the BIO Convention in Philadelphia last week.
The report examines the factors determining the attitudes of multinational companies engaging with Australian pharma and medtech innovators. It provides an overview of the global market, explores sector trends and drivers, and considers how the Australian industry fits within it.
The global pharmaceuticals market was estimated at US$1,105 billion in 2016, and is forecast to reach US$1,485 billion by 2022. The medtech sector was estimated at US$350 billion in 2016, and is forecast to reach US$440 billion in 2020.
However, while the market for innovation is global, the report highlighted how the global trends and drivers are changing the business models for the multinational pharma and medtech sectors, and how this impacts innovation acquisition. In general, multinationals acknowledge Australia’s reputation for globally renowned excellence in science and research, and having a similar regulatory system to major markets. While they’re agnostic to the location of innovation, there are pragmatic barriers that prevent companies from considering Australia as an external innovation ‘hunting’ ground.
The report offers tangible solutions to mitigate the hurdles that exist, including recommending seeking early stage collaboration where relevant, being present at the right events and preparing for them wisely, and considering geographies outside of traditional regions: as China continues to open up it will increasingly challenge the market dominance of the United States and Europe.
Interviews and discussions with high-level executives highlighted the value of Australian delegations visiting medtech and pharmaceutic hotspots to target potential partners. AusBiotech facilitates global connections by leading annual delegations to the BIO Convention Conference, and to Shanghai and Hong Kong as part of their Asian Investment Series. They boost Australia’s connections and reputation in Korea, by supporting the Australian pavilion and conference sessions, and officially partnered with the Biotech Showcase, which coincides with the JP Morgan Healthcare Conference.
Read MTPConnect’s How Global MedTech & Pharma Corporates Engage with Australia report.