Health technologies

About the sector

Victoria’s health technologies sector is growing rapidly, employing more than 51,785 people, plus 20,000 research sector jobs. It includes product manufacturing and development of pharmaceuticals, medical technologies, vitamins, supplements and topical products; professional and scientific services; pharmaceutical wholesaling; contract research and clinical trial providers; and public funded research organisations and health services conducting health and medical research.

The health tech sector is made up of firms ranging in size from small start-ups to large Victorian exporters and global manufacturers.

Melbourne-based companies comprise over 40% of Australia’s-listed health technology firms. Their combined market capitalisation just above $181 billion. In2021 Victoria exported health technology products worth over $3.02 billion, making it our state’s highest-value manufactured export sector.

Victoria's strengths

The state's health technology sector has many strengths including:

• Supporting infrastructure for neuroscience, cancer, regenerative medicine, infectious diseases and immunology research.
• A global reputation in advanced manufacturing for pharmaceutical and medical technology products. This includes new capabilities to develop and manufacture mRNA based products.
• A growth pad for development of innovation and advanced health technologies that provides access to skilled medical product design and manufacturing capabilities.
• An experienced biotechnology investment ecosystem. This ecosystem has proven ability to manage and assist the commercialisation of health technologies. It does this through research into products delivered across global markets.
• Proven expertise in drug candidate development across many stages of the drug discovery process.
• A cost-effective and rapid regulatory system for high-quality clinical trials. This includes access to leading clinical researchers and ethically-diverse participant recruitment pool.

Benefits of government support

Over twenty years of sustained Victorian Government support for the sector has resulted in $39.6 billion in additional revenue. This has delivered more than a three-fold economic benefit on public investment.

A report builds on the evidence base to demonstrate the impact of past government investment into this sector. The Creating a Healthy Future report was conducted by KPMG and Victoria’s Lead Scientist, Amanda Caples.

Download:

• Creating a Healthy Future, The impact of Victorian Government investment in health and medical research  Creating a Healthy Future Report (PDF 2988.37 KB)
• An accessible version of this document is currently not available. please contact us if you wish to access this information and have accessibility requirements.

The Victorian Government also supports:

• LaunchVic to support medtech startups and scaleups including the MedTech Actuator. To learn more, visit: LaunchVic: MedTech Actuator.
• Victoria is home to a world-class health and medical research community. The Victorian Government is committed to supporting medial research in Victoria.  To learn more, visit: Medical Research.
• mRNA Victoria to support and grow the mRNA and RNA industry in Victoria.  To learn more, visit: mRNA.

More information

For further information about the medtech and pharmaceuticals sector in Victoria please contact us.