Australia’s Medical Manufacturing Industry Invites International Investors

Cross disciplinary study and innovation in the field of medical science and healthcare is the need of the hour. We are strategically placed in a century that is most receptive to novel ideas and thoughts. We don’t wait for 100 years to marvel at scientific wonders. They happen every day. More than ever, this accelerated genius is changing medicine for the betterment of the world. Much like other segments, Australia is witnessing a rise in medical innovations too, and this needs to be facilitated by a thriving infrastructure.

The Australian Trade and Investment Commission (Austrade) is looking at encouraging the medical manufacturing industry to direct the interest of international investors to Australia. The country is ideal for developing, testing and launching new medical technologies. The remoteness of locations, vast spaces and a diverse society, all contribute to the country’s characteristic tapestry that is suitable for medical innovations bound to succeed. With the $20 billion Medical Research Future Fund (MRFF) to support advancement and development of new pharmaceuticals, by the government, Australia becomes a great candidate for technology-based medical innovations that will be propelled forward with foreign investment.

Denise Eaton, senior advisor at Austrade pointed out, “Investment from venture capitalists more than doubled between 2016 and 2017. What’s more, we’re seeing a significant increase in interest from Asian investors – especially in medical science technology”. Home grown innovations like Visionflex, a pioneer in live-video equipment for real-time remote examination and diagnostics, integrated into electronic health records, has already garnered widespread acclaim and use. Such ground breaking inventions are to be expected in the future.

Austrade has launched a website, that has listings, case studies and data on related sects like telemedicine, precision medicine and genomics, big data and artificial intelligence, digital records and virtual reality. The medical manufacturer Anatomics, which uses 3D printing to help surgeons create customised implants and has in the past built a 3D printed titanium sternum and partial rib cage, another highlight of this website.