AusMedtech - Australian Medical Technology
What is medtech?
The term ‘medtech’ or medical technology commonly refers to and encompasses medical devices and diagnostics, including in vitro diagnostics (IVDs).
The Therapeutic Goods Administration defines a ‘medical device’ as any technology, including devices, software or diagnostics, intended to be used by human beings for the prevention, monitoring or treatment of a disease, injury or physiological process.
What is AusMedtech?
AusMedtech, part of AusBiotech, is the national industry group representing the medical devices and diagnostics industry sector in Australia. AusMedtech is dedicated to the development, growth and prosperity of the Australian medical technology industry.
AusMedtech provides initiatives to facilitate success in product development, manufacturing, commercialisation, export success and representation on industry issues.
To read more about AusMedtech and the benefits of membership, view the AusMedtech 2016 membership brochure. Membership of AusMedtech also provides AusBiotech membership and benefits.
Provide information to assist better decision-making by medical technology businesses to facilitate success in product development, manufacturing and business;
Represent the Australian developers and manufactures and focus the industry on commercialisation and export success – taking Australian medical technology to the world;
Support future sustainability by encouraging links between industry, research bodies and government; and
Be the leading advocate for industry issues and raise community awareness of the Australian medical technology industry.
To facilitate the commercial development of an Australian medical device and diagnostics (medical technology) industry.
Join us on
AusMedtech’s group on social networking site LinkedIn – ‘AusMedtech Australian Medical Technology’ – now has more than 1300 members, making it the largest network of its kind for Australian medical technology.
The medical device industry
The medical technology industry is growing rapidly around the world. The increasing affluence of developed and developing countries, with people living longer and demanding a higher quality of life are all driving this growth.
According to Frost and Sullivan (2012) data the global advanced medical technologies market (medical devices, medical imaging and patient monitoring) was worth US$342.8 billion, the Asia Pacific market (including Australia) was worth US$63.5 billion (18.5% of the global market) and Australia’s share was US$6.81 billion (1.98% share).
There are more than 500 medical device companies in Australia. Of these, there are 34 ASX-listed medical device companies (39% of the ASX-listed life sciences market). Total market capitalisation of listed medical devices companies had reached A$12.79 billion by October 2013 (PricewaterhouseCoopers, BioForum, Edition 45, Q1, FY14).
Medical device companies in Australia, with the exception of a few industry heavyweights such as Cochlear, ResMed and Cook Medical, are typically young and small, competing globally with large multi-national companies for market share. The medical device industry is one of the so-called sunrise industries. It ticks all the boxes on advanced manufacturing, providing high value-added products, with highly skilled labour and global production chains, for specialised markets.
The industry is also advancing rapidly into new fields of science and engineering, with nanotechnology and other research developments facilitating new innovations in the biomedical sphere and an increasing convergence of physical and biological technology platforms.
Global opportunities for the medical technology industry
Australia’s medical device industry can list among its distinct competitive advantages its reduced time to market compared with drug discovery, its comparatively highly-skilled workforce and its geographic position within the Asia Pacific region.
Currently the major markets for medical devices are in the developed economies of the northern hemisphere (North America, Europe, UK and Japan). It is predicted that Asian markets will rival hose of Europe and North America within 15 years.
Asian countries present fast-growing markets via their expanding middle classes and economic growth – and the size of the markets, such as China’s, are of interest to the Australian medical devices industry and its global orientation.
This opportunity is prompted the Australian Government to release the Australia in the Asian Century White Paper (October 2012), which was commissioned to analyse economic and strategic changes in Asia and how Australia can participate in the opportunities within the region. China has made a clear commitment to develop life sciences, with biotechnology one of seven priority industries in its 10th Five-Year Plan. China is keen to develop its science, technology or innovation, and wants to focus on developing intellectual property (IP) through partnering and investing.
Australia has the talent, technologies and business acumen to meet these needs. The partnering and investment opportunities between Australia and Asia, particularly China and Hong Kong, are compelling.
Australian Medical Devices & Diagnostics to China project
AusBiotech has been working in the Asian region on a small scale for many years, and recognising the importance of this region as a life science growth hub, ramped up efforts in 2013. AusBiotech won a federal government grant to conduct the Australian Medical Devices & Diagnostics to China project. The project aims to facilitate trade in medical devices with China by providing much-needed information for Australian companies about IP management in China and the types of business structures that are possible for Australian companies entering China for the first time.
The project received funding from the Australian Trade Commission as part of the Asian Business Engagement (ABE) Plan and an application was made with partners FB Rice, Deloitte and the Burnet Institute. It is to be delivered via AusBiotech’s AusMedtech and will be guided by a selected committee of industry experts from Australia and China and phased over three years. The project will produce an extensive report and a training module for Australian companies seeking to establish markets and/or businesses in China. It will also include a directory of known advisors to be launched in 2016, which will include contacts that are able to assist Australian companies in China or have specialist capacity on advising on China from within Australia.
AusMedtech 2016 national conference
The annual AusMedtech national conference helps build a strong platform for growing the Australian industry globally.
AusMedtech 2016 will be held from 10 to 11 May at the Adelaide Convention and Exhibition Centre, South Australia. It will feature a program discussing the major issues in global medtech success, a trade exhibition, networking events and AusPartnering, a new networking and partnering platform allowing delegates to schedule 30 minute meetings with other attendees.
Resources for industry
AusBiotech has produced the Code of Best Practice for Reporting by Life Science Companies and the Guide for Life Science Company Directors. These documents are available here and include guidance for medical technology companies.