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NSW Budget: $270 million to accelerate med-tech innovation in 2022/23

NSW will be at the frontline of cutting-edge health treatments thanks to a $270 million boost to biomedical research in the 2022-23 NSW Budget. 

As part of the NSW Government’s commitment to driving world-leading health and research precincts, funding for two new facilities – the Sydney Biomedical Accelerator Complex in Camperdown and the Viral Vector Manufacturing Facility in Westmead – will transform the industry and help develop treatments for rare, life-limiting diseases.

The state’s MedTech sector employs around 7,000 people and has a reputation for creating quality products. It also makes a substantial contribution to the Australian economy supporting an additional 14,000 jobs across nearly 3,000 businesses. The sector generates $12.7 billion in revenue per year.

The $270.3 million investment in the NSW Budget for 2022-23 includes: 

  • $143.3 million over four years for the Sydney Biomedical Accelerator Complex, a state-of-the-art biomedical research complex co-located at the Royal Prince Alfred Hospital and the University of Sydney; 
  • $51.8 million over four years to accelerate NSW’s commercial-scale viral vector products for both research and clinical trials purposes; 
  • $49.6 million to build a commercially viable Viral Vector manufacturing

Premier Dominic Perrottet called the investment “a major investment in a developing business that will assist deliver what matters to make people’s lives better in NSW.”

“The NSW Government is committed to putting this state at the very forefront of innovative health care by continuing to invest in state-of-the-art health and research precincts,” Mr Perrottet said.

“This investment in biomedical technology will attract world-leading researchers, scientists and clinicians to our medical precincts, and we hope to deliver breakthroughs that create a brighter future for people everywhere.”

Expanding to commercial-scale viral vector manufacturing, according to Health Minister Brad Hazzard, will provide faster access to life-saving treatments.

“These advanced therapeutics are cutting-edge and are offering new hope for remission and long-term survival for patients with rare, and previously untreatable, conditions,” Mr Hazzard said.

“It will also mean NSW patients have greater access to locally-based clinical trials and can receive highly innovative treatment options, to help ease the burden they face as they fight diseases which previously had very limited treatment options.”

“These investments will enhance NSW’s advanced bio-manufacturing presence and will help cultivate a dynamic ecosystem of innovation, education and research now and into the future,” Mr Kean said.

The investment, according to Treasurer Matt Kean, would establish NSW as a leader in this medical technology while also increasing production capacity to meet the need for viral vectors in clinical studies.

Alister Henskens, Minister for Science, Innovation, and Technology stated that this new investment is in addition to the $119.1 million in RNA research and development initiatives announced in the 2022-23 Budget, as well as the $95.8 million RNA Pilot Manufacturing Facility announced in October 2021.

“The gene therapy and cell therapy sectors are experiencing huge growth and this further investment in the industry will not only boost jobs for NSW but provide access to groundbreaking therapies and treatments as well,” Mr Henskens said.

Due to its vibrant research environment, Australia is at the forefront of the MedTech industry, and NSW’s capacity houses Australia’s largest medical technology sector, accounting for 37 per cent of the country’s MedTech businesses.

In the 2022-23 NSW Budget, the NSW Government allocated $25.6 million in medical and scientific innovation to combat disease.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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