Health technologies

About the sector

Victoria has one of the world's leading health technology clusters thanks to the local companies and researchers who are leading the development of cutting-edge innovative medical technologies (medtech), biotechnology (biotech) and pharmaceutical products. The vibrant commercial sector, key research and development infrastructure and advanced manufacturing expertise make Victoria a highly sought after destination by global pharmaceutical companies.

The Victorian Government recognises the value of Victoria’s high-growth health technologies sector and its key role in Victoria's response to the pandemic. The sector is globally competitive, with a strong manufacturing presence that creates sustainable and rewarding jobs and gives Victorians access to the latest health breakthroughs.

Victoria’s health technologies sector is growing rapidly, employing more than 31,000 people and is made up of firms ranging in size from small start-ups to large Victorian exporters and global manufacturers.

Melbourne-based companies currently comprise over 40% of Australia’s-listed health technology firms, with a combined market capitalisation of 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.

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Victoria's strengths

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

  • Significant capabilities and supporting infrastructure for neuroscience, cancer, regenerative medicine, infectious diseases and immunology research. For more information, visit Medical Research.
  • A strong global reputation in innovative and advanced manufacturing for pharmaceutical and medical technology products including 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 with proven ability to manage and assist the commercialisation of health technologies from 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 with access to leading clinical researchers and ethically-diverse participant recruitment pool.

Sector strategy

The Medical Technologies and Pharmaceuticals Sector Strategy is available on Business Victoria's Future Industries page.

Benefits of government support

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

A new 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.

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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.

More information

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

Page last updated: 25 May 2022