Breakthroughs and remarkable discoveries are expected from the new "M2" programme between CSIRO and Monash University, as the two scientific behemoths collaborate to "bring the best minds and technology together to turn great ideas into a reality for Australia’s flourishing medtech industry".
As innovation continues to be the watchword for Australian industry, efforts by the government to reinvest in science and technology are continuing apace.
“From life-changing cochlear implants, to life-saving vaccines, world-first 3D printed bone and tissue replacements, Australia has an incredible track record when it comes to medical technologies and pharmaceuticals,” Senator Arthur Sinodinos said.
“M2 will help to accelerate development of technology like this, not only vital for the improvement of the lives of Australians facing medial challenges, but also leading to job and economic growth for Australia.”
Supported by the Science and Industry Endowment fund, M2 aims to bridge the gap between Australia's many small- and medium-sized medical technology enterprises, and the often-exorbitant cost of prototyping and developing new products.
M2 will be providing a research ecosystem for these companies, helping to transition new discoveries from the bench to prototyping, pre-clinical testing, industry evaluation and commercialisation.
“M2 leverages some of Australia’s best medtech expertise, experience and equipment,” CSIRO Director of Manufacturing Dr Keith McLean said.
“When a company comes to us we can use CSIRO and MHTP facilities to develop and analyse production scale prototypes, whilst the Monash Biomedical Imaging facility can provide advanced pre-clinical and clinical testing and imaging.”
With global populations ageing and emerging markets seeking better health care, there’s huge growth underway in the MTP sector. It’s expected to be worth almost $3 trillion by 2025, while $18 billion and 28,000 new jobs could be added to the Australian economy over the next eight years.
“Monash is determined to help build a new, globally competitive biomedical industry with our partners,” Monash University Provost and Senior Vice-President Professor Marc Parlange said.
“This initiative will deliver real health benefits to all Australians. Our healthcare spending is expected to almost double to 16 per cent of GDP by 2040. Cheaper and more effective medical solutions are better for our health and Australia’s financial future.”