The medical technology industry is vast and rapidly growing, and largely covering the medical device sector. A gradual expansion of medical device industry is clearly seen asmainly due to affordability across the globe, the longer survival rate of people and the very obvious improved quality of life.
Data provided by Frost and Sullivan on the global advanced medical technology market indicates 18.5% (US$63.5 billion) of the total worth of the global market is in the Asia-Pacific region, including Australia with a market share of 1.98% (US$6.81 billion) in 2012.
The Australian medical device industry fulfilsinternal requirements by focusing on specific marketswith products that add value, the use of skilled labour within the organisation, and investment support for global production. Thirty two recommendations are provided byan independent medical expert panel to the government on 31 March 2015. In its first report on the review of medicines and medical devices emphasises the need for reform to streamline the regulatory framework. The report is concerned with the following points:
In the same way, the Australian Government response to the Review of Medicines and Medical Devices Regulation was released on 15 September 2016. This report identifiesmeans to improve the accessibility of the therapeutic goods for consumers and eliminate avoidable formalities for theindustrywithout jeopardising the safety of therapeutic goods in Australia.
The Government has taken a strategic and systematic approach to implementing these concernsin their intended reformsfor future programmes. Recommended implementations, at the same time are intended not to affectthe continuity of business. The Department of Health has been working together, with consumers, health professionals, and industry in order to improve these reforms. Wherever necessary, the TGA recoverstheircosts from industry by ensuringadequate resource availability intended for successful implementation of these reforms without disruption to business. The Government recognizes that consumer, professional, and industry groups are eager for urgent action. Accordingly, the Department of Health is looking at various stagesof implementation of associated recommendations, with anoutlook to execution in 2016-2017.
The suggested recommendation by the Expert Panel and also effort provided by TGA, is set to bring considerable benefits to the Australian public and to the Australian medicine and medical device industry. These benefits include
The different strategies will commence in coming year, which includes:
The future Australian medical device industry isprojectedto maintain ahigh standard level of quality products and an emphasis on faster availability of novel technologies intended to meet the expected demands of the consumer.
1. 2016, A. (2016) AusMedtech – Australian medical technology. Available at: http://ausbiotech.org/content.asp?pageid=109 (Accessed: 20 September 2016).
2. Expert Review of Medicines and Medical Devices Regulation [WWW Document], n.d. [WWW Document]. Department of Health. URL http://www.health.gov.au/internet/main/publishing.nsf/content/expert-review-of-medicines-and-medical-devices-regulation (accessed 10.1.16).
3. Medicines and medical devices regulation review [WWW Document], n.d. [WWW Document]. Therapeutic Goods Administration (TGA). URL https://www.tga.gov.au/mmdr#austgovt (accessed 10.1.16).
4. Expert Panel, Review of Medicines and Medical Devices Regulation: Report to the Minister for Health on the Regulatory Framework for Medicines and Medical Devices (31 March 2015) and Report to the Minister for Health on the Regulatory Frameworks for Complementary Medicines and the Advertising of Therapeutic Goods (31 July 2015) available at http://www.health.gov.au/internet/main/publishing.nsf/Content/ExpertReview-of-Medicines-and-Medical-Devices-Regulation
5. Regulatory decisions & notices (medical devices & IVDs) [WWW Document], n.d. [WWW Document]. Therapeutic Goods Administration (TGA). URL https://www.tga.gov.au/regulatory-decisions-notices-medical-devices-ivds (accessed 10.1.16).
6. 2016 Top Markets Report Medical Devices, 2016; International Trade Administration; Online available; Retrieved from: http://trade.gov/topmarkets/pdf/Medical_Devices_Executive_Summary.pdf
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