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RSM reveals the potential and challenges of the Australian medtech sector
A recent report by RSM Australia highlights the promising opportunities for French companies in the Australian medtech industry.
The Australian medtech industry offers excellent opportunities for French companies seeking to expand their presence in this sector. A recent report by RSM Australia reveals a substantial innovation pipeline supported by a comprehensive body of locally registered intellectual property assets and ongoing clinical trials. Currently contributing AUD$5.4bn annually to Australia’s GDP, the sector is expected to grow.
Australian medtech firms have already been making waves on the international stage. Global success stories include Osteopore International, a regenerative medtech company specialising in tissue regeneration and Trajan Scientific and Medical who are pioneering microsampling devices that are transforming the industry.
Jayesh Kapitan, National Leader – Health Services at RSM Australia, believes that Australia has the potential to establish a medtech hub comparable to Silicon Valley. Drawing parallels with successful industry hubs like Melbourne's Biomedical Precinct in Parkville for health services and Adelaide's Lot 14 for technology, Kapitan highlights the country's capacity for innovation and growth in these sectors.
The regulatory landscape in Australia provides another advantage for French companies looking to enter the market. Health regulations in Australia typically align with Europe, offering familiarity and consistency for companies already operating within European markets. In 2021, the Australian Register of Therapeutic Goods (ARTG) expanded the range of applications that can rely on decisions made by European health regulators, a significant step in harmonisation. This streamlines the approval process and enhances economies of scale by enabling access to multiple markets with existing regulatory approvals.
Overall, the Australian medtech sector presents a promising landscape for international partnerships, particularly for European companies. Collaborating with Australian counterparts not only fosters knowledge exchange but also propels advancements in medical technology.
Dr. Rita Choueiri, National Director, Life Sciences at RSM Australia said:
“Life sciences have had a higher profile since the COVID-19 pandemic. This is generating many opportunities for companies in the medtech industry. There are more people interested in working in the area and more people are interested in funding projects in the area. This is providing real momentum for the industry.”
Source: Medtech Report | RSM Australia
