07/04/22 - The McGowan Government has announced $8.65 million in funding to implement the State's first ever Health and Medical Life Sciences Industry Strategy.
The Strategy, which was launched last year, provides a blueprint to develop and grow the sector and diversify Western Australia's economy.
The strategy outlined the growth potential of health and medical life sciences to create highly skilled jobs and improve patient outcomes, building on WA's many strengths as an investment, research and manufacturing hub.
Focus areas include strengthening the innovation ecosystem for the sector, facilitating commercialisation, developing skills, attracting talent, encouraging investment and supporting advanced manufacturing.
Over the next four years, the McGowan Government's $8.65 million funding will lay the groundwork to establish the State as a global hub for research, development and commercialisation for digital health, medical technology (medtech), biotechnology, pharmaceuticals, and health and wellness products.
A boost of $2 million will harness WA's strengths as a research, investment and manufacturing destination and provide a platform to help small to medium enterprises reach their full potential.
The Department of Jobs, Tourism, Science and Innovation will receive $2.5 million to establish a dedicated health and medical life sciences team that will implement key elements of the strategy. This includes:
Engaging with industry, the Commonwealth and investors to leverage collaboration and partnership funding opportunities for the sector in WA;
Funding of $250,000 for a business case to support development of common use facilities for local companies to prototype and manufacture products and devices;
Industry commercialisation and market readiness is a critical part of the strategy; and
Enterprises will receive $1.6 million to boost WA's competitiveness.
A further $1.2 million will be channelled towards developing, attracting and retaining skilled talent to sustain WA's long-term health and medical life sciences industry.
Comments attributed to Science Minister Roger Cook:
"Supporting WA's growing health and medical life sciences industry is part of the State Government's strategy to diversify our economy, attract investment and create local jobs.
"As the world recovers from the COVID-19 pandemic, health and medical life sciences have never been more important to society.
"This $8.65 million funding demonstrates the WA Government's commitment to laying the foundations for a growing industry that will sustain our economy for future generations."
Minister's office - 6552 6500
Photo taken from: https://www.wa.gov.au/government/announcements/865-million-boost-health-and-medical-life-sciences-industry-strategy#:~:text=%248.65%20million%20boost%20for%20Health%20and%20Medical%20Life%20Sciences%20Industry%20Strategy,-News%20story&text=As%20part%20of%20a%20four,Medical%20Life%20Sciences%20Industry%20Strategy.