Boost for Innovation in Medical Technology
Media Release
13 May 2009
Boost for Innovation in Medical Technology
The Medical Technology Association of Australia (MTAA) welcomes the Budget announcements contained in the Powering Ideas: An Innovation Agenda for the 21st Century from the Minister for Innovation, Industry, Science and Research.
"As an industry characterised by high levels of innovation and reliant on R&D, we welcome Minister Carr's support for the sector, "said Anne Trimmer, MTAA CEO.
"MTAA strongly supports the tax incentives for R&D and the Commonwealth Commercialisation Institute which will help secure high-skilled and high-value jobs in the industry."
"MTAA has been calling for renewed government investment in the sector after the closure of the Commercial Ready program in the 2008 Budget."
"These measures are encouraging Australian industry to develop innovative products and services and bring them to market to improve patient outcomes," said Ms Trimmer.
The Australian medical technology industry, covering medical devices, in-vitro diagnostics and medical imaging equipment, includes a diversity of manufacturers and suppliers of medical technology from emerging Australian companies to global companies.
The industry is characterised by a high level of innovation, resulting in short life cycles for many products. Many medical devices undergo constant development and rely on advances in other sciences relevant to medical technology.
Small Australian firms often play the major role in research and development of new medical devices, with large firms providing organisational and capital assets that help ensure new products' commercial success.
The Medical Technology Association of Australia (MTAA) is the national association representing companies in the medical technology industry. MTAA aims to ensure the benefits of modern, innovative and reliable medical technology are delivered to the community for a healthier Australia.
Media contact: Marion Demann MTAA 0416 625 678
