The McGowan Government has launched the State's first Health and Medical Life Sciences Industry Strategy, which aims to contribute to the diversification of the economy, create highly skilled jobs and improve patient outcomes.
The Strategy highlights the growth potential of the health and medical life sciences industry, and builds on Western Australia's existing comparative advantages to seize the opportunity this industry represents.
Focus areas of the strategy include strengthening the innovation ecosystem, facilitating commercialisation, developing skills and attracting talent, encouraging investment and supporting infrastructure for advanced manufacturing.
The strategy aims to leverage the State's existing world-class research base, which has already seen six FDA-approved drugs developed in WA, three of which are RNA therapeutics. To date, only 15 FDA-approved drugs have been developed by Australian universities.
WA's world-leading autonomous and remote operations are also being applied to remote health delivery and patient monitoring. Health in a Virtual Environment (HIVE) at Royal Perth Hospital is a strong example of cross-sector applications to medical products and devices.
The implementation of the strategy will build on current initiatives to strengthen the industry over the next four years, and position the health and medical life sciences sector in WA as a world-leading, sustainable and value-adding industry.
In support of the strategy, the Department of Health will contribute $600,000 per year to ensure WALSIH continues its work to connect the innovation community, build capacity and new skills to attract investment and foster commercialisation.
WALSIH is currently funded through the McGowan Government's New Industry Fund in collaboration with national industry growth centre MTPConnect and The University of Western Australia.
As a key element of WA's Health and Medical Life Sciences Industry Strategy, WALSIH will be strategically aligned with the State Development, Jobs and Trade portfolio.
Based on research conducted in 2019, WA is home to at least 41 biotechnology and pharmaceutical companies, 53 medtech and digital health companies, 22 research institutions and 63 services and support organisations.
To read the Health and Medical Life Sciences Industry Strategy, please visit https://www.wa.gov.au/government/publications/health-and-medical-life-sciences-industry-strategy
As stated by Health and State Development, Jobs and Trade Minister Roger Cook:
"The McGowan Government is strongly committed to supporting the health and medical life sciences industry.
"In particular there is increasing demand worldwide for new health and medical technologies, pharmaceuticals, and medical products and services that provide practical solutions to our expanding and often complex health needs.
"Precision health and personalised medicines are two areas where WA can play a leading role to address these needs.
"The successful implementation of WA's first Health and Medical Life Sciences Industry Strategy has the significant potential to diversify the State's economy in a new direction and generate more highly-skilled jobs for Western Australians."
