At AusBiotech's flagship medical technology event, AusMedtech 2025, nearly 500 delegates gathered in Sydney to explore the future of healthcare and hear directly from some of Australia's most influential leaders.
In a packed theatre at the International Convention Centre, the session 'A View from the Top: Shaping the Future of Medtech Through Innovation' brought bold ideas and real-world insights to the fore.
Moderated by ANDHealth Chair Gavin Fox-Smith, the panel featured Telstra Health Managing Director Elizabeth Koff, Vitrafy Life Sciences Managing Director Kate Munnings, Medicines Australia Chair Sue MacLeman, and L.E.K. Consulting Managing Partner in ANZ Stephanie Newey.
Together, they painted a frank but forward-looking picture of the sector's challenges and opportunities — from pressured healthcare costs and systemic fragmentation to the promise of digitisation, partnerships, and patient-centric innovation.
This high-profile panel exemplified AusBiotech's commitment to connecting industry leaders, fostering innovation, and advancing Australia's position as a global medtech hub.
This session is one of many in AusBiotech's year-round program of national and international forums that bring the ecosystem together to drive commercialisation, collaboration, and impact across the sector.
Five forces shaping the future
Stephanie Newey opened the discussion with five core themes shaping healthcare innovation: sustainability, digitalisation and artificial intelligence, shifting care models, global pressures, and the enabling role of investment and partnerships.
One of the most pressing issues is healthcare's "longer-term sustainability," with Australia grappling with rising costs and an ageing population, similar to other OECD countries. Newey urged medtech innovators to focus not only on technical breakthroughs but on delivering "better outcomes for less — or better outcomes for the same cost".
AI, precision medicine, and remote monitoring technologies are among the areas creating seismic shifts, but these also raise challenges around regulation, data access, and integration. "It may be that there's a device that can help provide information," Stephanie Newey noted, "but if it means it's another system [clinicians] have to log into… they're just not going to use it".
The system is cracking — so why aren't we acting?
Elizabeth Koff AM issued a stark warning against complacency in the face of increasing health system strain. "The same old narrative keeps coming out about the pressure that we're under — hospital ramping, surgical waitlists," she said, and despite ranking first in a recent Commonwealth Fund comparison of international health systems, "there are real health system pressures… and we must be brave enough to undertake reform".
She stressed the need to move beyond siloed point solutions and enable scalable innovations that integrate care across varied healthcare settings. "If it's too narrow, you're never going to get the capacity and ability for widespread adoption," she said.
Innovation must reduce costs — not just impress investors
Kate Munnings, now leading biotech start-up Vitrafy Life Sciences after years in large healthcare organisations, warned that health innovation often falls into a trap of being cost additive. "The challenge for the medtech sector is: how do you actually innovate to bring costs down as well as improve outcomes?" she said. But Munnings also cautioned about the commercialisation journey: "Surviving raising capital, surviving the regulatory pathway… the challenges are huge".
Policy, culture, and capital: Barriers and levers
Sue MacLeman offered a candid assessment of the geopolitical and regulatory environment that could shape access and trade in the years ahead.
We need to see progress on healthcare reforms and ensure we have fit for purpose regulation for approval and market access of innovative medicines and medical products, she said, calling for the sector to push for recognition of the full value of innovation. Companies in the space contribute to research translation, clinical trials and education, she said, and have an eye to the megatrends and what best practise globally looks like.
When asked what lever companies can pull to enable policy change, panellists were unanimous: strong clinical data, patient advocacy, clinician champions, and economic modelling are all essential — but none alone is sufficient.
Enablers for impact
In closing, panellists each named a single enabler they believe will unlock Australia's medtech potential.
For Stephanie Newey, it was partnerships — both domestic and global. "We're a small ecosystem… so where can we partner internationally to get up the curve quicker?"
Elizabeth Koff called for ongoing support for research and innovation, coupled with "a willingness to accept failure" as part of the process.
Kate Munnings advocated for cross-disciplinary collaboration. "We've got to look outside of healthcare… engineering and other disciplines can bring a lot to health".
Sue MacLeman zeroed in on investment: "Good technology backed by good teams with good IP are being invested in — but we must show clear return on investment to attract more capital".
Bold action is needed
As Gavin Fox-Smith reflected in closing, despite the system's complexity, Australia remains one of the most robust healthcare environments in the world. But achieving lasting impact will depend on bold leadership, scalable innovation, and a united sector committed to challenging old assumptions and advancing better care.
