Two medical staff working with technology

Our report produced an evidence base on the social and economic value of medical technology

Our Work | Case Study

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The Medical Technology Association of Australia (MTAA) is the national association representing companies in the medical technology (MedTech) industry.

The industry was seeking an evidence base

The MTAA wanted to develop an independent evidence base for the purpose of educating key policy and decision-maker stakeholders.

It asked us to undertake an independent economic analysis on the social and economic value that the MedTech sector provided to Australia across the previous three years.

We were able to draw on our experience preparing robust assessments of an industry’s commercial impact from our previous work with sectors including dairy and physiotherapy.

Speaking to stakeholders was key

To get robust and reliable data it was essential that we connected with people involved in the MedTech industry.

We consulted widely with stakeholders, including health service providers, regulators, patient representative groups, investors, and MedTech companies. We also engaged via a survey, which sought to capture financial data and qualitative sentiments.

We collated and refined this data to estimate the sector’s economic contribution, including headline revenue, direct and indirect gross domestic product, and direct and indirect employment.

We complemented this quantitative analysis with detailed examinations of publicly available data to establish the sector’s context, how it supported Australia’s health, and how it could be innovative.

Our report was launched at Parliament House by the Health Minister

Our findings were captured in a detailed, transparent and independent economic report: The Value of MedTech Report. The report provides insights on the whole value chain of MedTech, from idea to patient, and explores the social and economic benefits of MedTech to Australia.

We also prepared detailed case studies for use in MTAA presentations and roadshows, as well as an engaging and interactive video developed by the Nous design team that outlined key findings.

The industry has a credible evidence base for advocacy into the future

The report and its findings now form part of MTAA’s ongoing industry engagement and present a lasting snapshot of the sector. The independence of the report was essential in the creation of the insights and materials.

This independence enabled quality engagement and trust with stakeholders, as well as strengthening the credibility of the report and its insights. As industry groups bring together many commercial competitors, our independence gave participants confidence their data would be treated in confidence.

Beyond the report’s findings, we delivered a robust methodology that will allow the MTAA to repeat the exercise in future as it seeks to update the analysis.

The report captured MedTech’s economic value in the 2021/22 financial year:

  • more than 51,000 total jobs, including 17,000 direct jobs
  • $11.4 billion in gross revenue
  • $5.4 billion in total contribution to GDP, including $4.1 billion in direct contribution.

The MTAA launched the report at Parliament House, introduced by the Health Minister. The report is now being used to inform advocacy to government about the importance of the MedTech sector.

What you can learn from this project

For industry analysis to have credibility, it needs to come from an independent source that brings experience performing similar work in other industries.

To win the trust of stakeholders with their insights and data, an analyst needs to operate at arm’s length from an industry association.

There is value in understanding the key metrics of an industry as well as the sentiments of those involved.