Medical technology industry workforce and skills review
Addressing the skills gap
Deloitte Access Economics was commissioned to assess the workforce and skills of the medical technology industry by the Medical Technology Association of Australia (MTAA) on behalf of the NSW Medical Technology Knowledge Hub.
The Medical Technology (MedTech) industry makes a significant social and economic contribution in Australia, improving healthcare outcomes and generating innovation and growth. There are over 500 MedTech companies in Australia, with a combined annual turnover of more than $10 billion and employing more than 19,000 workers in total.
The nature of the MedTech industry means that the workforce is required to be highly skilled, educated and flexible. This report was commissioned by the Medical Technology Association of Australia (MTAA) on behalf of the NSW Medical Technology Knowledge Hub to assess the workforce and skills. Using a three-pronged approach including an industry survey, one-on-one consultations and workshops across Australia, this study found that there is a gap between the levels of current employment and desired employment in the industry.
- The overall skills gap is around 3% of current employment, approximately representing an additional 660 workers on top of a workforce of more than 19,000 employees
- There are skills gaps in important business areas, including a 29% skills gap in product development, as well as skills gaps in product research (15%), regulatory affairs(16%) and Australian sales and marketing (2%)
- 84% of MedTech companies believe that skills gaps have adversely impacted their business, with 40% reporting that the impact has become more negative over the past five years
- A growth dividend of up to 15 percentage points could be gained over the next five years if skills gaps in the MedTech industry are addressed, representing more than $1.5 billion in revenue.