MedTech review identifies growing skills gap

20 June 2016

The Medical Technology (MedTech) Workforce and Skills Review, commissioned by the NSW Medical Technology Knowledge Hub, identified an overall skills gap of 3% in the MedTech industry, which could grow to 26% within five years.

The report, MedTech Workforce and Skills Review, which was researched and written by Deloitte Access Economics also found:

  • skills gaps in critical business areas including product development (29%), regulatory affairs (16%), product research (15%) and sales (2%)
  • 84% of MedTech companies see the skills gap as having an adverse impact on their business
  • if left unaddressed, the skills gap could see industry growth hampered by 15% - about $1.5 billion in revenue lost
  • a disconnect exists between the skills required by industry and those supplied by universities.

Minister for Industry Anthony Roberts launched the report on 27 May to help co-ordinate industry and government efforts to grow the industry into the future. Watch the launch video below.

A critical growth industry

NSW is already home to more than 55% of Australia’s medical technology companies and about 75% of the headquarters of multinational pharmaceutical companies.

The report concluded that if the skills gap was eliminated the industry could grow by 77% across Australia over the next five years.

“This report is a great example of how government can deliver a platform and support for industries to help plan for their future to create new jobs and growth,” Roberts commented.

The NSW Government recognises that MedTech is a vital growth industry for the state – as a contributor to the economy, to jobs creation and to boosting the state’s position as a leader in innovation.

Knowledge hubs lead the way

The Medical Technoloy Knowledge Hub, which commissioned the report, is one of five industry-led Knowledge Hubs whose projects are supported by the NSW Government.

The goal of the state’s five Knowledge Hubs is to give NSW a significant advantage in the market place by ensuring that key sectors retain and grow global market share. The NSW Government also supports Knowledge Hubs in the energy and resources, transport and logistics, financial services and creative digital industries.