Australia’s healthcare sector is set to triple over the next decade.
Meet demand for integrated database systems, improved patient experiences and enhanced remote care. Share in this extraordinary growth.
Expanding by a record 8 per cent each year,1 Australia’s digital healthcare sector is presenting significant demand for medtech innovations that will take it into the future, and Victoria's thriving digital health ecosystem is developing and launching the solutions.
Victoria’s health care system leads the way in developing improved national health care experiences. It is home to more than 300 medtech companies and start-ups, contributing A$36 billion to the economy in 2019-2020 and employing 12 per cent of the state’s population.2
Join companies such as XRHealth, Planet Innovation, Health Delivered, Seer Medical and Blamey Saunders Hears, who are creating technology that treats a wide range of medical conditions and facilitate improved health support.
- Invest Victoria and AlphaBeta Modelling – ICT spend in Australia’s health sector 2020
- ABS Australian National Accounts: State Accounts Labour Force, Australia, March 2021
Opportunities in digital health transformation
Melbourne’s thriving medtech ecosystem is the perfect launching ground for digital health innovations, with demand for integrated database systems, improved patient experiences and enhanced remote care. Find out more about opportunities to:
Integrate data driven solutions
- Data-driven systems that connect health services. The Victorian government is strongly supporting the development of shared sector-wide information that removes administrative burden and improves healthcare support
- Databases that facilitate preventative health. Victorian health services are in the process of improving stored clinical information to support early intervention as well as research and analysis.
Create innovations that improve the quality of life
- Diagnostic innovations that save lives. The Victorian Government is progressively leveraging the provision of digital assets that present data-driven insights and facilitate the best possible treatment decisions
- Digital assets that provide treatment solutions. Australian health providers and users are looking for engaging patient treatments for a variety of conditions including pain management, mental health and rehabilitation
Improve telehealth technology
- Telehealth services that provide greater connection. Prior to 2020 there were less than 2,000 video consultations per month. In September 2020 there were over 70,000, with 120 hospitals required to provide secure services
- Smart systems that can remotely monitor patients. Australia has a growing demand for devices and systems that optimise patient outcomes by allowing recuperating patients to be monitored remotely
Case studies: Digital health
Why develop your digital health solutions in Melbourne?
Victoria demonstrates strong return on investment in health innovations
The Victorian Government is committed to supporting global innovators and investors in the development of products that improve quality of health care. Victoria’s health sector also provides the world-leading expertise and cutting-edge capabilities needed to successfully launch solutions that drive Australia’s future of healthcare forward.
- Australia has consistently ranked in the top ten globally for health expenditure per capita, ranking higher than the OECD average3.
- Victoria's start-up and tech funding accounted for more than 65 per cent of Australia’s funding market share in 2018-19, totalling A$4.5 billion4
- Sustained investment has returned more than A$4.50 in economic activity for every dollar of government investment and created more than 73,000 direct and indirect jobs in the sector5
- Victoria’s medical technology and pharmaceutical companies now attract more than 40 per cent of Australia’s medical research investment (more than any other state), spending almost A$1 billion on research and exporting more than A$2.4 billion a year6
- Healthcare is Victoria’s largest employer, employing 12 per cent of all Victorians and contributing over A$36 billion to the Victorian economy in 2019-20205
- World-class systems such as The Connecting Care Electronic Medical Record (EMR) program are being funded and built to connect medical institutions to new central databases
- Regulation in Australia is undertaken by the Therapeutic Goods Administration (TGA) - a founding member of the International Medical Device Regulator Forum, facilitating faster approvals of therapeutics
3. OECD - Government Healthcare spending, 2021
4. Techboard start-up funding report 2019
5. ABS Australian National Accounts: State Accounts 2019-20 / Labour Force, Australia, March 2021
6. KPMG – Creating a Healthy Future: The impact of Victorian Government investment in health and medical research 2021
You can access a strong pipeline of specialist talent in health, biomed and technology
- Victoria is home to 14 independent medical research institutes with more than 5,800 skilled staff. The state’s wider medical research sector supports more than 30,000 jobs across institutes, universities and industry7
- Victoria is home to more biomedical engineers than NSW or Queensland and has a comparable number of data scientists with NSW8
- Victoria’s tech talent pool has more professionals with software development skills than Singapore and Hong Kong, and is growing faster than anywhere else in Australia8.
We can introduce you to channels that connect you to healthcare providers, researchers and tech innovators
- Melbourne is home to the Melbourne Biomedical Precinct, a powerful mix of over 40 hospitals, medical research institutes, biotechnology organisations and universities, and one of the world's largest biotechnology hubs
- Melbourne is a global hub for biopharma manufacturing and mRNA research, home to Moderna’s first mRNA manufacturing facility outside of North America and The Advanced Genomics Collaboration initiative between Illumina and the University of Melbourne
- The Melbourne Digital Health Ecosystem, launched by RMIT University in partnership with the European Connected Health Alliance, establishes connections between healthcare providers, researchers and tech innovators
- Strong Melbourne-based partnership connections to national support networks such as the Digital Health Cooperative Research Centre (DHCRC) and ANDHealth are fostering collaboration between technology providers and industry
Broad government support for the advancement of Victoria’s digital health development hub
The Victorian Government understands that improved digital health services means better care. That’s why it is committed to ongoing support of a sector that is rapidly growing and developing innovative research hubs designed to close the gaps in national health infrastructure and drive Australia’s future of healthcare forward.
- The Victorian 2021/22 Budget has committed A$7.1 billion to upgrading and improving health care systems, including the improvement of telehealth and digital administration
- The Victoria Government has pledged A$210 million to support research and growth of medical institutions, including A$155 to build an Australian Institute for Infectious Disease
- Research is supported by the Federal Medical Research Future Fund (MRFF), a A$20 billion long-term investment supporting Australian health and medical research
7. ABS Australian National Accounts: State Accounts 2019-20 / Labour Force, Australia, March 2021
8. Linkedin Jobs Report – November 2020
Download our digital health and mRNA value propositions
We can help you with your next market entry project
If you are considering investing in Melbourne, we can help you scope the market opportunity in Melbourne/Australia and assist you with your business case development.
Working with us will allow you to be fully informed and limit the number of surprises associated with your new investment. Our staff are experienced and well connected and can introduce you to potential partners to help make your investment a success.
|UK and Europe
contact Tim Dillon
Agent General, UK
contact Nigel Warren
|SE Asia enquires
contact Georgina McCann
Acting Head of Post,
South East Asia
Or go to our All Offices page to find your nearest Invest Victorian representative.