New plan to support Australian medical manufacturing
The Australian Government has released its Medical Science Co-investment Plan. This is the first of 7 plans that align with the Australian Government-identified priority areas.
Australia is a global leader in innovation and technology in the medical science industry. Increasing our industrial capacity and capabilities will let us commercialise more medical innovations and become more competitive.
The plan outlines investment opportunities to leverage Australia’s strengths and target areas with high economic potential. Potential investment opportunities identified in the plan include digital health, medical devices, innovative therapeutics, and sustainability, with the aim to develop onshore production and boost medical supply chains.
The Medical Science Co-investment Plan also includes an overview of:
- the current state of Australia’s medical science industry and investment trends
- existing initiatives that help commercialise Australian research, including the Industry Growth Program and National Reconstruction Fund.
We are working on co-investment plans for the other identified priority areas:
- value-add in resources
- value-add in agriculture, forestry and fisheries
- transport
- renewables and low emission technologies
- defence capability
- enabling capabilities.
We are developing these plans in consultation with industry, technical experts and relevant government agencies.