Victoria is Australia’s leading manufacturing state, generating one-third of the nation’s manufacturing output
The Victorian advanced manufacturing industry supports jobs for more than 283,000 people. Victoria is the manufacturing base of choice for local and multinational manufacturers. Victoria’s advanced manufacturing capabilities attract investment in health tech, zero and low emissions technology, food, defence, aerospace and digital technologies.
In addition to its established and rapidly growing pharmaceutical manufacturing base, which is the largest in Australia and includes CSL; the fastest growing brand in the biopharmaceutical industry globally. Victoria also has a range of local and global manufacturing and supply chain capabilities for medtech products. Victorian manufacturers’ top export markets include New Zealand, the United States, China and Japan. Victoria is home to 41 ASX-listed medtech companies with a combined market capitalisation of $14bn.
The MedTech manufacturing sector in Victoria includes large-scale state-of-the-art ISO 9001 and ISO 13485 qualified contract manufacturers with rapid scale-up capability that provide responsive manufacturing services through all stages of design, development and market supply. Industry players include Bosch Australia Manufacturing Solutions, Hydrix, Invetech, Planet Innovation, SCHOTT MINIFAB and SRX Global.
The Victorian Medical Device Prototyping and Scale-up Facility at RMIT University is the first ISO-accredited prototyping facility in the Asia Pacific that specialises in wearable and flexible technologies.
These new initiatives expand existing capabilities across Victoria’s interconnected innovation precincts providing open-access micro/nanofabrication manufacturing, advanced carbon fibre and composite production and sterile manufacturing infrastructure suitable for small batch and large-scale medtech production.
Tricycle Developments
Tricycle is a specialised product development group. They drive innovation through design thinking, combining industrial design with strong technical and engineering competence. With broad design experience, Tricycle’s team brings a user focus that creates easy-to-use and visually compelling products/services. As a dynamic and agile team, Tricycle can tailor development programs to its clients’ specific needs. This translates into tight project collaborations and allows for rapid and practical solutions.
Tricycle has a proven track record of success in the medical and scientific field and currently serves clients in diagnostic instrumentation, wearables, dental, IOT care products and health care equipment.
Tricycle’s design excellence and innovation within the industry have been recognised by the prestigious 2023 Best in Class Good Design Australia Award for Medical and Scientific Equipment.
Optiscan Imaging Ltd
Optiscan is a Melbourne-based, ASX-listed commercial-stage company that emerged from Monash University in 1994. At the heart of Optiscan lies a game-changing breakthrough: real-time, 3D, in vivo imaging at the single-cell level. Their slide-free, biopsy-free imaging technology represents a remarkable advancement in the field of digital pathology and precision surgery. It enables clinicians to see and treat cancer, enhance clinical care, optimise patient throughput, alleviate the burden on health systems and ultimately deliver better patient outcomes.
Optiscan is committed to patient well-being and the highest clinical standards. Their technology sets an entirely new standard for precision surgery and digital pathology, propelling the healthcare industry into a new era of excellence. Clinicians can make immediate, informed decisions without causing harm to delicate tissue. As part of Melbourne’s vibrant medtech ecosystem, Optiscan has utilised the skilled workforce forged valuable partnerships and accessed cutting-edge clinical trial sites to empower clinicians and drive improved patient outcomes. The company’s impact also extends globally with recent commercial operations established in Minnesota in the United States.
Optiscan is now laser-focused on FDA De Novo application submission, pioneering new product development and advancing AI algorithmic capabilities. The expansion solidifies Optiscan’s global presence, opening doors to transformative healthcare solutions worldwide.
Care Essentials
Care Essentials, headquartered in North Geelong is a prime example of Victoria’s strong manufacturing capabilities. The company is a market leader in supplying specialised warming blankets and machines to maintain a patient’s body temperature during surgery; and bolstered its production of medical-grade masks and respirators at the height of the pandemic in response to critical demand from the healthcare sector across the country. Their success was recognised at the 2021 Governor of Victoria Export Awards, as the recipient of the Regional Exporter Award; and at the 2022 Manufacturing Hall of Fame Awards, as the recipient of the Manufacturer of the Year Medium Business Award.
Invetech
Invetech is a full-service provider of product design, instrument development and contract manufacturing, with a focus in health care markets. They assist in therapeutic and diagnostic companies in developing and commercialising diagnostic devices and cell and gene therapy manufacturing by providing design and development, engineering and contract manufacturing services, and cell and gene therapy manufacturing platforms.
Invetech has development and manufacturing centres in Australia and North America; and exports to over 14 countries, including the United States, Canada, Japan, Korea, France, Germany, and Switzerland. Invetech was named Victorian Exporter of the Year in 2021 and won the 2021 Australian Export Award – International Health category for achieving a 53% increase in exports in 2020-21 and securing major contracts with international diagnostics companies specialising in molecular detection of infectious diseases.
Demand for novel, innovative medtech is growing rapidly. The Australian health services industry market continues to grow. This growth is driven by rising demand for health products and solutions due to an ageing population, a shift towards personalised and at-home care, and increased patient expectations.
The Australian health care system has consistently been ranked as a leading global health system across various performance indicators, including the best in the world for health care outcomes. Its rapid growth and commitment to excellence through continuous improvement present opportunities for companies to develop and introduce innovative products and services.
Victoria’s current population is 6.3 million people, projected to rise to between 10.1 and 14.5 million by 2066. Victoria’s population is also ageing. The rate of chronic health conditions and multimorbidity among the population is increasing. The challenge of climate change is expected to exacerbate morbidity rates and increase the risk of future pandemics. These trends, observed throughout the Organisation for Economic Co-Operation and Development (OECD) nations, are increasing demand for healthcare services globally. At the same time, healthcare providers are moving towards patient-centred care models. These encourage increased patient engagement in decisions and opportunities for self-management to ensure health care is tailored to individual needs and preferences.
A shift towards digital technologies, including medical record digitalisation and specialist platforms such as drug prescription systems to connect patients, doctors and pharmacists to enable state and national e-prescription platforms and artificial intelligence (AI), is occurring. These factors are transforming the delivery of health care. Victoria’s total health expenditure was $56.5bn in 2020-21. Spending on public hospitals is projected to nearly double between 2020-21 to 2031-32.
The Victorian Medtech Skills and Devices Hub (VMH) is an industry-partnering collaboration centre working to strengthen Victoria’s medical technology ecosystem.
Launched in June 2023, the VMH is working to improve cross-sector collaboration and knowledge exchange across Medtech, bringing together government bodies, education providers, and industry partners to foster innovation within the sector.
A core focus of the VMH is supporting the development of a more skilled, specialised, and job-ready workforce, providing the talent needed to drive innovation and accelerate the growth of the medtech manufacturing sector.
To achieve this, the VMH is working to identify and address key skills-education gaps in MedTech, co-developing new, face-to-face, online, and hands-on practical courses with industry to address workforce skills shortages.
Key to this process was the development of the inaugural Medical Technology Skills-Education Gaps Roadmap, a whitepaper identifying six critical skills and education gaps limiting the growth of Victoria’s medtech manufacturing sector.
To enhance the job readiness of emerging professionals, the VMH is also working to improve the number and diversity of internships and work-integrated learning opportunities, providing opportunities for students and career changers to connect with the industry.
Simultaneously, the VMH is working to open up new education pathways aligned with industry needs, creating opportunities for current students, graduates, and career changers to enter the MedTech workforce.
To achieve this, the VMH is developing a Master’s program on MedTech innovation, a series of micro-credentials on AI and machine learning in healthcare, and short-form workshops on various topics, creating multiple new entry points to the sector.
In parallel, the VMH is also working to support medtech companies and entrepreneurs looking to establish or expand manufacturing capabilities in Victoria, assisting them in navigating the challenges of commercial medical device development.
Through its initiatives, the VMH is helping new and existing medtech ventures connect with potential partners and collaborators, providing a platform for them to showcase their technology and expertise through community events.
The VMH is an initiative of the Victorian Government and delivered by a consortium led by The University of Melbourne and including Swinburne University of Technology, RMIT University, and the Aikenhead Centre for Medical Discovery.
The Victorian health tech sector is a national leader, including over 4,600 companies employing over 31,000 staff within the commercial sector alone, as well as academic researchers and clinical staff working across universities, medical research institutes and private and public health services. In 2022 the sector generated $5.5bn in value add and exported over $3.2bn in health products to international markets. Victorian ASX-listed health tech companies have a combined market capitalisation of $149bn.
Victoria is home to a thriving startup community with over 500 health tech startups and scale-ups, with an estimated combined valuation of over $10bn. The Victorian medtech sector (devices, diagnostics, medical equipment) is characterised by long-established end-to-end value chains. It includes at least 650 medtech-related companies that generate approximately $1.4bn in value, including startups, scale-ups, SMEs, contract manufacturing organisations, design and engineering companies, local and global manufacturers, and MNCs. Victorian-based, ASX-listed medtech and device companies include Alcidion Group, Compumedics, Medical Developments International, PolyNovo and SDI.
We are actively seeking input from the industry on future training programs and initiatives. To learn more, please email contact@vicmedtechhub.com.au.