Medical Science Co-investment Plan | Department of Industry Science and Resources
To support the development of manufacturing in Australia in the medical science sector, we will capture more value from our world-leading medical research by increasing our industrial capabilities and capacity, supporting the commercialisation of high-value products, and improving the international competitiveness of our medical science and technology sector.
Investment opportunities in medical science
Digital health includes the use of artificial intelligence, machine learning and other advanced technologies, advanced software solutions, and cyber security and health data collection solutions.
Medical devices includes the use of advanced manufacturing capabilities for speciality areas, robotics, non-invasive medical devices including smart and connected devices, and therapeutic-grade materials and components.
Complex therapeutics includes clinical trial infrastructure and capabilities, personalised medicines, and advanced research, development and manufacturing.
Sustainability includes additive manufacturing capabilities, circular economy principles, preventative healthcare and sustainable production.
Core areas in which to focus actions to advance Australia’s capabilities
Skills and capability availability: Support end-to-end commercialisation experience and expertise in advanced manufacturing processes and emerging medical technologies. Attract international talent and support mobility across the medical product value chain.
Demand: Increase procurement opportunities for locally made medical products including through government purchasing power. Improve the transparency and efficiency of health and medical procurement systems. Support businesses to access global markets.
Collaboration and coordination: Increase collaboration and coordination between industry, research and government to unlock opportunities. Build international networks to promote Australia’s medical industrial capabilities and attract international partnerships.
Supply chain diversification: Diversify and improve the transparency of Australia’s medical supply chains to ensure they can meet the demands of future innovations and are resilient to disruption.
Research translation and commercialisation: Support facilities to de-risk and facilitate the translation of Australia’s world leading medical research into innovative, high-value, commercial products. Improve translational expertise in university, research and clinical settings.
Regulation and business settings: Leverage Australia’s strengths in regulatory trust and quality. Improve Australia’s international competitiveness though streamlined regulatory approval and reimbursement processes.
Context
Australia is navigating a period of unprecedented change. Global megatrends such as climate change, digitalisation and geopolitical shifts are creating challenges and opportunities for Australian manufacturing.
As the global context evolves, Australia needs to be prepared to make the most of opportunities and continue to develop an internationally competitive, contemporary manufacturing capability. This requires focusing on Australia’s strengths, targeting high-value market opportunities, and building an ecosystem that facilitates growth and competitiveness of Australian manufacturers.
Developing Australian manufacturing will improve Australia’s resilience, create well-paid, secure jobs, and support economic growth. Manufacturing is a capability that applies to multiple industries. It drives innovation and productivity growth and adds value across the economy. It contributes 6.5% of all employment (931,400 jobs) (ABS 2023a) and 5.4% of gross domestic product (GDP) ($138 billion in gross value added) (ABS 2023b). A coordinated effort is needed to continue to grow a diverse and revitalised manufacturing industry that benefits the economy and local communities.
