The medical technology (MedTech) industry makes a significant social and economic contribution in Australia, improving healthcare outcomes and generating innovation and growth. There are currently over 500 MedTech companies in Australia, with a combined annual turnover of more than A$10 billion and employing more than 36,000 workers in total.
Of these businesses, nearly 40 per cent are located in New South Wales, making the Medtech industry in NSW the largest in Australia. It is estimated that the medical technology industry has the potential to create an additional 28,000 jobs and A$18 billion in the gross domestic product (GDP) nationally by 2025.
New South Wales has many strengths and competitive advantages that support medical technology industries including a large and diverse population, a high-quality health system, clinical trial capacity, leadership in commercial MedTech development, and research institutes and universities with a successful global track record in a broad range of health and medical research fields.
Together with this ecosystem that supports growth in space, NSW has set out development strategies for the MedTech industry, those that recognise the extraordinary opportunities that innovative medical devices and technologies offer, not only to improve patient and health system outcomes but in building businesses, creating jobs and attracting investment to NSW.
The coronavirus has exposed longstanding vulnerabilities in our businesses and in some aspects in the preparedness of our health system; with medical technology having proven that it transforms lives, the NSW government is invested in creating an ecosystem in this space; where innovation can be fostered, adopted and applied for tech development, investment and commercialisation.
With respect to migration in this sector, those highly skilled in MedTech and related areas including deep technologies (AI, machine learning, blockchain and quantum computing etc) are expected to be prioritised in recognition of the growth industries that seek global talent. Businesses new and those diversifying into this growth space are expected to create jobs and are wide open with investment opportunities.
For a detailed, personal consultation on strategy and assessment to approach your migration goals in this sector in Australia, please contact Sellanes Clark today.