Health and medical industry set for $5 billion injection

Adelaide BioMed City.

South Australia’s Health and Medical Industries sector is set to more than double by 2030 to reach $5 billion, according to the Health and Medical Industries Sector Plan released today.

The sector plan is the result of collaboration between the South Australian Government, industry, and academic leaders, who have identified key enablers that will drive the value of the health and medical industries sector in South Australia.

The sector plan is a comprehensive roadmap on how to take this fast-growing sector to new heights.

Within the Plan, industry has identified three key targets, including creating a cohesive industry presence, attracting further international clinical trials, and growing the ageing well and care industry.

The Industry Connectivity Initiative (ICI) will become the industry voice, developing a coordinated health and medical industries sector. Once up and running, the ICI will collate industry data, including industry sentiment surveys.

The SA Health Clinical Trials Portal will attract international multi-centre trials by acting as a single point of entry for new trials in South Australia, and reporting on clinical trial capability and capacity.

Efforts will be focused on driving the ageing well and care industry – including building on the existing $427 million services exports, driving the NDIS participation from the current $1.1 billion, and increasing international project partnerships.

The Plan is one of nine industry sector plans that will form the basis of the State Government’s ‘Growth State’ initiative and was developed through extensive consultation with health and medical stakeholders and the Ministerial Advisory Panel for Health & Medical Industries.

View a copy of the Health and Medical Industries Sector Plan 2020 to 2030.