The report shows that one-third of Australian clinical trials take place in Victoria. Victoria also attracts more R&D investment through the Australian Research Council for medical technologies and pharmaceuticals than any other state.

The culmination of work by the state’s top health industry leaders and experts, Vital to Victoria finds that while prospects for continuing health industry success are strong, health businesses need to respond to mounting pressure. This includes pressure on health spending, growing and ageing populations, changing consumer health care needs, and increasing competition from overseas health product and service suppliers.

The Taskforce identifies six key priority areas where industry and governments can work together to ensure the sector can stay competitive while delivering the high-quality health products and services Victorians have come to expect:

1. Create a more collaborative and integrated health industry environment and strengthen local innovation and commercialisation
   
   
2. Increase the industry’s flexibility in delivering health outcomes and improve access to wellbeing and preventative health options
   
   
3. Develop and retain a skilled workforce that is equipped to keep pace with changing consumer preferences and needs
   
   
4. Attract investment to improve digital infrastructure and boost manufacturing capacity and efficiency
   
   
5. Leverage Victoria’s health industry strengths and international networks to build new product and service opportunities in the global marketplace
   
   
6. Keep health industry costs low and grow business competitiveness.

Further findings show that Victoria has a fast-growing wellness industry and is home to the country’s top manufacturers and developers of pharmaceuticals, biotechnologies, medical technologies and devices, digital health technologies, and vitamins and supplements. Medical technologies and pharmaceuticals are Victoria’s top health exports.

View a copy of the Health Industry Taskforce report

Quotes attributed to Victorian Chamber of Commerce and Industry Chief Executive Mark Stone AM:

“Health is vital to Victoria and all Victorians. The products, services and innovation from our health industry are among the best in the world and the potential for further growth is strong.

Victoria’s health industry employs more than 12 per cent of Victorians with even more jobs forecast. However, the health industry is being disrupted. How the Victorian industry and Government respond will shape its future.

The adoption of the Health Industry Taskforce’s recommendations will enable Victoria’s $30 billion health industry to raise productivity and capitalise on its strengths as a high-quality provider of health products, services and expertise to grow jobs and exports.”