New Zealand companies innovating to improve people’s health

 24-Jun-16, New Zealand Health IT

Report: The health demands of populations in developed and developing countries have become a challenge for health systems to keep up with. The need for health technologies to deliver improved outcomes is now greater than ever. This is a direct consequence of the ageing demographics in developed nations and the increasing recognition of the relationship between good health and economic achievement in the developing countries.

Image: New Zealand Health IT

New Zealand has an opportunity to deliver some of the technology innovations needed to address both the issues above through improving the performance of the clinical and health administrative workforce. Delivering these innovations will simultaneously improve local economic performance and health outcomes.

• New Zealand’s medical device and health IT companies earned an overall turnover of $1.3 billion
• The R&D spend from this sector was $129 million ($60m for health IT and $69m for devices)
• Companies reported an average revenue growth of 29% for medical device and 35% for health IT companies
• The sector is developing a vast range of health technologies, with most of the devices being in the lower risk groups for regulatory approvals
• There are 3,089 people employed in permanent roles in health technology businesses
• NZ companies are generally confident in navigating the international regulatory requirements, recognising this is both a barrier to entry and a competitive advantage

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