The medtech hub Down Under
09-Feb-16, MD+DI
Australia has an outsized reputation for exotic flora, cute koalas, and awe-inspiring beaches, but it is also a bright star in the medical technology industry.
%20MDDI.jpg "The medtech hub Down Under (c) MDDI")
Image: MD+DI
The country actually outpaces the United States in terms of medtech sales per capita: $10.2 billion from 2012 to 2013 for its 23 million people, while U.S. revenue was approximately $110 billion in 2015 for a population of 319 million. The top three therapeutic areas for medtech companies Down Under are cardiovascular, anesthesia, and musculoskeletal, according to the trade group Medical Technology Association of Australia (MTAA).
Experts and executives attribute the success of this relatively young industry—MTAA notes nearly 40% of Oz’s medtech companies did not exist prior to 2000—to a mixture of its educated population, strong academic institutions, favorable regulatory and R&D environment, and government support.