Business development: opportunities in the Australian medical market

The Australian medical market offers significant opportunities for foreign manufacturers, thanks to its developed structure and continued growth. Emmanuel Bisi, an expert in business development in Australia, highlights several key factors that make this market attractive.

What are the key factors in the attractiveness of the Australian medical market?

Sustained growth in the Australian medical market and strong demand

Australia has one of the most developed medical device markets in the world, with:

• Annual growth of between 6% and 8% over the last ten years;
• Approximately 1,800 to 1,850 local medical device manufacturers;
• 80% of domestic demand for medical devices is met by foreign manufacturers.

These figures highlight the Australian medical sector’s heavy dependence on imported products and open doors for international companies.

The Australian government’s commitment: public investment and health spending

Spending on healthcare in Australia represents more than 10% of GDP, demonstrating the country’s commitment to the medical sector. In addition, the Australian government has announced investments of more than €5 billion in research and development over the next five years. These investments are aimed at improving infrastructures and supporting innovation in the medical field.

Demographic changes in the population and their implications for the Australian medical market

Another determining factor is the ageing of the population. Australians have one of the highest life expectancies of any OECD country, and the population over 65 is expected to exceed 8 million by 2050. This demographic shift is creating increased demand for medical devices to meet the needs and care of the elderly. Companies offering innovative solutions in the field of medical devices therefore have development in the Australian medical market.

How do you access the Australian medical market?

To enter the Australian market, it is essential to register with the Therapeutic Goods Administration (TGA). This often requires working with a local distributor or having an entity in Australia.

To enter the Australian medical market successfully, several criteria need to be taken into account when choosing a distributor:

1. Geographical coverage: given the size of the country, it is essential to determine whether the distributor is national in scope or limited to a single state.
2. Type of customers served: it is important to know whether the distributor serves the right market segments, such as hospitals, research centers, universities or laboratories.
3. Competition and brands represented: it is necessary to ensure that there are no conflicts of interest with other manufacturers that the distributor represents.
4. Distributor organisation: by assessing the sales force, storage capacity and after-sales services on offer, we can find the right distributor for our expansion project in Australia.

Globallians’ expertise in the Australian medical market

The Australian medical market is ripe for expansion for foreign manufacturers, and presents a favourable environment for companies in the medical sector. With substantial investment and demographic trends leading to ever-increasing needs, the Australian medical market is a strategic one for international development.