- Medical companies across Australia are being invited to take part in the Morrison Government’s $1.3 billion manufacturing initiative
- The Science Minister announced on Friday that the fund was now open to applications from projects within the medical sector
- The fund aims to boost the amount of manufacturing jobs in Australia
- Karen Andrews said the Government wants to invest in a number of areas, including smart monitoring devices, personalised implants, high-value pharmaceuticals and complementary medicines
- The next sectors to benefit from the manufacturing initiative will be resources tech and critical minerals processing, recycling and clean energy, as well as defence
In a win for medical companies across Australia, the Morrison Government has just announced it’s opening up its $1.3 billion manufacturing initiative to the health sector.
Science Minister Karen Andrews announced the news on Friday, stating that the fund was now open to applications from projects within the medical sector looking to scale-up their manufacturing capabilities and commercialise their products.
“Australia has pioneered many commercially successful medical products that have made it on the world stage, including the cochlear implant, the green whistle pain reliever and the cervical cancer vaccine,” she explained.
“This support will help us make more medical products right here at home – creating more skilled jobs for Australians and helping build a resilient and competitive manufacturing base at the heart of our economy,” the Minister added.
Minister Andrews said the Government wants to invest in a number of specific medical areas, including smart monitoring devices, personalised implants, high-value pharmaceuticals, complementary medicines, mRNA vaccines, regenerative medicine and digital integrated products.
“Australia’s response to the COVID-19 pandemic showed the remarkable capability and expertise that already exists within our medical products manufacturing sector, as well as our potential for future success,” she said.
“The [initiative] is focused on scaling-up that capability – both to create economic opportunity and to ensure the supply of critical products during times of crisis,” Minister Andrews concluded.
The $1.3 billion initiative is part of a wider $1.5 billion program announced by the Federal Government to try and boost the amount of manufacturing jobs in Australia.
The fund has already been opened to the space sector and will soon open up to other industries, including resources technology and critical minerals processing, the food and beverage sector, recycling and clean energy, as well as defence.