About the sector
Victoria’s health technologies sector is growing rapidly, employing more than 31,000 people. It 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 $149 billion. In 2019 Victoria exported health technology products worth over $3.2 billion, making it our state’s highest-value manufactured export sector.
- The State of the Sector Medical Technologies and Pharmaceuticals 2017 report The State of the Sector Medical Technologies and Pharmaceuticals 2017 report (PDF 1873.01 KB)
- The State of the Sector Medical Technologies and Pharmaceuticals 2017 report - Word Version The State of the Sector Medical Technologies and Pharmaceuticals 2017 report (Word Version) (DOCX 6819.29 KB)
- Economic Impact Analysis Victorian. Medical Technologies and Pharmaceuticals Sector Economic Impact Analysis Victorian Medical Technologies and Pharmaceuticals Sector (PDF 772.3 KB)
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.
- 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 has also provided funding to LaunchVic to support medtech startups and scaleups including the MedTech Actuator. To learn more, visit: LaunchVic: MedTech Actuator.
For further information about the medtech and pharmaceuticals sector in Victoria please contact us.
Page last updated: 6 April 2023