Precision manufacturing of medical devices, digital health solutions and innovative therapeutics will be backed with up to $1.5 billion in public funding under the first guidance for a priority sector by the Albanese government.
The Medical Science Co-investment Plan released on Monday by Industry and Science minister Ed Husic touts an opportunity to build industrial capacity and capability in areas of national advantage by partnering with private investors.
It rules out supporting high-volume, low-value medicines in a revitalisation of Australian manufacturing pledged more than two years ago by the government, instead saying the support must target high-value, innovative, complex therapeutics, devices and cutting-edge digital health solutions.
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