Expanding medical technology sector creating jobs

Media Release Media Release
April 27th, 2011

Expanding medical technology sector creating jobs

New Zealand’s expanding medical technology sector plans to hire over 165 full time, highly skilled workers in the next two years.

This positive news has been revealed in the latest Sector Survey results announced by the Medical Technology Association of New Zealand (MTANZ)Medical Technology Association of New Zealand (MTANZ) today.

MTANZ represents manufacturers and importers who supply medical technology devices used in the diagnosis, prevention, treatment and management of disease and disability.

“Our latest survey shows that New Zealand’s medical technology sector is bucking the economic trend and is well on the way to becoming the country’s next billion dollar industry, ” comments MTANZ chief executive Faye Sumner.
The Sector Survey was supported by grants from New Zealand Trade and Enterprise and Tech NZ, part of the Ministry for Science and Innovation.

Ms Sumner says in the last financial year, the sector earned an estimated $611.5 million in revenues, including over $578.8 million in exports. The companies surveyed spent over $65.3 million on research and development. She says they will also be in the market for engineers and sales and marketing staff in particular.

“It is vital we retain our best and brightest technology students in New Zealand to support this sector. Over the next two years, 22 companies in the sector plan to raise $44.1 million for expansion.”

Although Fisher and Paykel Healthcare is the dominant player in this sector, the survey reveals that of the 42 companies who responded 32 percent reported themselves as pre-revenue. Another 42 percent indicated revenues of less than $2 million for the last financial year. This picture clearly illustrates the emerging nature of the New Zealand medical technology sector.

The survey also revealed that the sector’s potential to take a greater share of the US$350 billion global medical technology market may be constrained by access to funding and skilled staff. International regulatory systems and compliance were also identified as potentially important barriers to growth.

“ We are building the infrastructure we need to develop growth in this sector but it is at a crucial stage and we need the right support to see it play a significant role in contributing to New Zealand’s economy,” explains MTANZ business development manager Angela Pantano who led the Sector Survey project.

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