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Monash University Partners to Boost MedTech and Healthcare Innovation

A significant partnership between a leading Victorian university and a top global hospital is poised to elevate MedTech breakthroughs and contribute to the enhancement of healthcare. The Minister for Industry and Innovation, Ben Carroll, witnessed the signing of a Memorandum of Understanding (MoU) between Monash University and Sheba Medical Center in Tel Aviv, Israel. The MoU aims to foster research and development of more inclusive healthcare systems and MedTech manufacturing prospects in Victoria.

The Australian government will provide approximately AU$ 200,000 to Monash University’s Victorian Heart Institute in support of the MoU. The funding will facilitate access to cutting-edge technology, accelerate the adoption of new treatments for cardiovascular diseases, and help combat one of the leading causes of mortality worldwide.

The largest university in Australia, Monash University earned the title of the world’s best in Pharmacy and Pharmacology in 2022, becoming the first Australian institution to achieve this distinction. Meanwhile, Sheba Medical Centre acknowledged as one of the top hospitals globally has gained expertise in artificial intelligence (AI), robotic surgery, digital imaging and telemedicine. These capabilities were established through its in-house innovation hub.

This partnership is anticipated to improve the delivery of healthcare in Victoria and create opportunities for local companies to generate employment in MedTech research, manufacturing, and export.

Australia has extended support to various significant MedTech initiatives, including the Australian Medtech Manufacturing Centre (AU$20 million), mRNA Victoria, and MedTech startups through LaunchVic and the Breakthrough Victoria Fund. Victoria’s MedTech sector contributes AU$ 21.4 billion in revenue, AU$ 3.5 billion in exports and sustains around 31,400 jobs.

The Minister for Industry and Innovation expressed his approval of the partnership between Monash University and Sheba Medical Center, citing its potential to attract more investment to Victoria’s MedTech sector and enhance healthcare for Victorians.

The Minister for Health remarked that partnering with a global leader in digital health innovation such as Sheba Medical Center presents an excellent opportunity for Victoria.

The Deputy Vice-Chancellor of Monash University highlighted the institution’s history of translating research into practical applications, underscoring that the partnership is another step towards improving health outcomes through the integration of research and translation.

The Director-General of Sheba Medical Centre stated that that the partnership aims to advance healthcare and promote economic growth while shifting the future of medicine towards prevention.

The Medical Technology market is expected to generate revenue of approximately US$579.40 billion by 2023. The largest segment of the market is Medical Devices, which is projected to reach a market volume of US$470.60 billion in 2023. Despite a regression in revenues in 2020 due to decreased routine medical treatments apart from COVID-19 treatments, the market has bounced back strongly in 2021. The market is expected to exhibit an annual growth rate of 4.91% between 2023-2027, resulting in a market volume of US$701.90 billion by 2027.

The increasing prevalence of chronic diseases and the emphasis on early diagnosis and treatment by healthcare agencies are among the factors driving growth in the medical technology market. The Medical Technology market is essential to the healthcare sector, with a focus on diagnosing and treating health problems, conducting genetic research and improving physical mobility. Its multifunctional usage and health improvement attributes make it a key player in the industry with steady growth.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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