MTPConnect reveals final 10-year plan for MTP sector

Dear , 

We’re excited to announce today the launch of our final Sector Competitiveness Plan (SCP), a 10-year strategic plan to maximise the innovation, productivity and competitiveness of our MTP sector.

The SCP represents the combined input of over 600 sector participants and stakeholders since July, and we’d like to thank all those who gave their time to participate in consultations, roundtable discussions, online surveys and one-on-one meetings. Our consultations and previous reviews on sector performance, demonstrate that the MTP sector has all the hallmarks of the high-skilled and innovation-based economy that Australia must develop to secure sustainable wealth and employment growth for its future.

Australia is an acknowledged world leader in the MTP sector due to its vibrant ecosystem of start-ups and established companies and thriving research environment. However, it has yet to reach its full potential in commercialisation. By addressing the key issue of collaboration, along with well-known barriers - including funding, skills, policy and regulatory impediments - the SCP calculates the MTP sector could achieve significant healthcare and economic contributions by 2025:

• An additional $3.2 billion in industry Gross Value Added (GVA) per annum, an increase of 75% compared to 2015, resulting in an additional cumulative GVA of $18 billion over the 10-year period of 2015 to 2025
• An additional 28,000 jobs compared to 2015, representing job growth of 60% compared to 2015. 14,000 of these jobs in Universities and MRIs, which reflects the substantial increase in research funding being delivered by the Medical Research Future Fund (MRFF)

To deliver on this, we will focus on three key types of activity:

1.      Directly facilitating commercialisation, collaboration and connectivity

2.      Providing an independent voice to shape policy and regulatory renewal, and to influence the direction of funding

3.      Providing funding for targeted, sector-led projects.

For more information, you can download the SCP here: http://www.mtpconnect.org.au/SCP

We look forward to working with you in executing the plan to ensure sustainability, employment growth, and innovation of a sector that is securing the health of future generations. 

Thanks,

Sue MacLeman

CEO of MTPConnect

mtpconnect.org.au

Have you visited the MTPConnect website? Our mission is to build on the sector's achievements and collaborate to boost the innovation, productivity and competitiveness  and we hope you will help us by joining our network online.

On our website, you will get:
·    Early access to industry insights and information
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Head to our website now to sign up as an MTPConnect Network Associate.