New site for high-tech med
A new one-stop-shop has opened for Australian medtech.
A new facility 'M2' run by CSIRO and Monash University aims to bring the best minds and technology together boost Australia’s flourishing medtech industry.
“From life-changing cochlear implants, to life-saving vaccines, world-first 3D printed bone and tissue replacements, Australia has an incredible track record when it comes to medical technologies and pharmaceuticals,” Minister for Industry, Innovation and Science Senator Arthur Sinodinos said at the official launch.
“M2 will help to accelerate development of technology like this, not only vital for the improvement of the lives of Australians facing medial challenges, but also leading to job and economic growth for Australia.”
Australia is home to over 500 companies working in the Medical Technologies and Pharmaceuticals (MTP) sector. Many are small and medium enterprises, which can struggle to make the expensive, time-consuming transition from prototype to clinically-tested product.
M2 - located at CSIRO’s new Biomedical Materials Translation Facility (BMTF) in Clayton, Victoria - aims to close this gap for Australian businesses, providing a research ecosystem to transition new discoveries from the bench to prototyping, pre-clinical testing, industry evaluation and commercialisation.
“M2 leverages some of Australia’s best medtech expertise, experience and equipment,” CSIRO Director of Manufacturing Dr Keith McLean said.
“When a company comes to us we can use CSIRO and MHTP facilities to develop and analyse production scale prototypes, whilst the Monash Biomedical Imaging facility can provide advanced pre-clinical and clinical testing and imaging.”
With global populations ageing and emerging markets seeking better health care, there is huge growth underway in the MTP sector.
The sector is expected to be worth almost $3 trillion by 2025, while $18 billion and 28,000 new jobs could be added to the Australian economy over the next eight years.
“Monash is determined to help build a new, globally competitive biomedical industry with our partners,” Monash University Provost and Senior Vice-President Professor Marc Parlange said.
“This initiative will deliver real health benefits to all Australians. Our healthcare spending is expected to almost double to 16 per cent of GDP by 2040. Cheaper and more effective medical solutions are better for our health and Australia’s financial future.”
The centre was built with funding from the Science and Industry Endowment Fund.