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.
Premier Steven Marshall said the Health and Medical Sector Plan is a comprehensive roadmap on how to take this fast-growing sector to new heights.
“This sector is a significant economic pillar of the South Australian economy and is already at the forefront of new and innovative technologies, employing nearly 24,000 people," Premier Marshall said.
“We have one of the largest bio-medical precincts in the Southern hemisphere – our $3.8 billion Adelaide BioMed City – and with it, we’re providing investors the opportunity to base their business amongst some of the brightest minds in the biotech, digital health and ageing well industry.
“South Australia has the track record, capability and ambition to continue its global leadership in the development of unique medical technologies and services.”
Minister for Trade and Investment Stephen Patterson said the Plan is in line with the State Government’s Growth State initiative that aims to drive industry growth by leveraging our competitive advantages.
“Our Government is committed to facilitating projects which support the economic growth of the sector and the state," Minister Patterson said.
“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.
“We will also focus our efforts 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.
Copies of the Health and Medical Industries Sector Plan 2020 to 2030 can be downloaded here: www.dti.sa.gov.au/hmi