Victorian hub to power medtech innovation

A Victorian government funded medical technology hub for skills and device development is set to boost the state’s reputation as a global leader in the field.

Minister for Industry and Innovation Ben Carroll today announced the opening of Victorian Medtech Skills and Device Hub, which is backed by $5.75 million from the government.

Carroll said: “Victoria’s medtech sector is a significant player in a booming global market – this Australian-first hub will boost local production, attract investment to Victoria and train the innovative staff the sector needs for its strong future.”

The hub brings together local businesses, universities and education providers to create life-saving medical technology and train local workers for innovative careers in the sector.

An Australian-first, the hub will offer more than 1,000 industry training places and will generate up to a dozen start-ups that are ready for investment every year.

The hub will be located at the Aikenhead Centre for Medical Discovery (pictured) at Melbourne’s St Vincent’s Hospital, Australia’s first hospital-based research centre, which is under construction and set for completion next year.

The hub will be led by the University of Melbourne in collaboration with RMIT University, Swinburne University of Technology and the Aikenhead Centre for Medical Discovery.

The hub will support the growth of local companies, including Neo-Bionica and Synchron, to expand onshore manufacturing of their medtech products becoming significant players in the multibillion-dollar global market.

Neo-Bionica CEO Dr Ludovic Labat said: “Neo-Bionica recognises the need for training initiatives that develop an industry-ready workforce, so we’re delighted to support the launch of the Victorian Medtech Skills and Device Hub.”

Medtech is one of the fastest growing sectors in Victoria’s economy, with 650 medtech related companies employing approximately 6,000 people and generating $1.4 billion in value.

The Victorian Budget 2023/24 is backing thriving industries through $12.3 million for the delivery of major sovereign mRNA manufacturing facilities and a $15 million to incentivise local business to increase R&D.

Picture: Aikenhead Centre for Medical Discovery