- MedTech players in Australia are well-positioned to build new products and generate innovative ideas in the market because of a highly skilled workforce.
- The country is primed to become a global leader in medical technology, backed by strong capabilities in areas like digital health, genomic medicine, and precision medicine.
- In the MedTech sector, there are several opportunities owing to the consistent need for a full range of medical devices.
In Australia, medical technology companies are profiting from a unique set of competitive advantages. Diagnostic and medical device sector players are well-placed for developing innovative products and bringing novel concepts to the market because of reduced time to market in comparison with drug discovery & development, an extremely skilled workforce, and its geographic position in the APAC Region.
Regarding the ongoing crisis due to COVID-19, Australia’s Federal Health Minister stated that the way the country is managing the COVID-19 pandemic, it has placed it in an essential position to become a frontrunner in future medical research along with clinical trials, introducing not only novel treatments but offer significant employment opportunities in the nation.
There are several prospects in the Australian healthcare industry due to the consistent need for a complete range of medical devices, especially those meant for treating and managing age-related disorders. Moreover, in Australia, there is an increasing requirement for devices to cope with disabilities and chronic pain, as well as to improve recovery times.
It is noteworthy to mention that the country looks well set to become a world leader in the MedTech space, driven by strong capabilities in areas like digital health, genomic medicine, and precision medicine. Australian companies operating in the medical technology sector receive the profit from a unique set of competitive prospects.
The country is positioned to flourish as an international center for medical developments, owing to the competent management of COVID-19, a highly-rated healthcare system, impressive research talent, and related infrastructure.
Despite the sophisticated healthcare system in Australia, the medical device market is undergoing sluggish growth. Medical device players exporting to Australia will confront fierce competition from producers from the UK, the US, and Japan as they have a stronghold on the medical technology market. There are several challenges related to investment across the country, with one being the relatively small size of the MedTech companies in the country except for a couple of big players. However, the industry group, AusMedtech is focused on providing support to the industry so that it can compete with the global players.
Several ASX-listed MedTech players are consistently developing and offering good returns to its shareholders.
Let us shed some light on a few MedTech players.
AVITA Medical Limited (ASX:AVH)
Australian biotech player AVITA Medical Limited operates at a global level and develops tissue-engineered cell-based products for replacement of skin. The Company provides products such as CellSpray and RECELL for skin scars and injuries. AVITA’s products are sold under the brand of RECELL System for fostering healing of the skin under a broad variety of treatments involving aesthetics, chronic wounds, and burns.
RECELL System of AVITA has CE mark approval in Europe and is TGA registered in Australia.
Stock Information: On 22 June 2020, AVH stock was trading at A$0.442 (at 1:53 PM AEST), down by 2.857% with a market cap of nearly A$976.79 million. The stock has delivered an impressive return of 33.82% in the last three months.
Medical Developments International Limited (ASX:MVP)
Medical Developments International Limited provides emergency medical solutions to enhance patient outcomes. The Company is involved in the production of a fast-acting pain reliever-Penthrox® that is utilised in Australian hospitals and emergency departments for trauma & emergency.
The Company is expanding globally and produces several of world-leading Asthma respiratory devices.
Stock Information: On 22 June 2020, MVP stock was trading at A$8.050 (at 1:53 PM AEST), down by 1.589% with a market cap of nearly A$536.8 million. The stock has delivered an outstanding return of 91.57% in the last three months.
PolyNovo Limited (ASX:PNV)
Healthcare player PolyNovo Limited is into the business of providing dermal regeneration solution called NovoSorb® BTM (Biodegradable Temporizing Matrix). PNV is into the designing as well as manufacturing of NovoSorb® BTM by employing NovoSorb technology which is a patented technology of the Company.
PolyNovo is engaged in providing solutions for Hernia, Breast Sling, along with Orthopaedic treatments.
Stock Information: On 22 June 2020, PNV stock was trading at A$2.460 (at 1:53 PM AEST), down by 3.529% with a market cap of nearly A$1.69 billion. The stock has delivered an exceptional return of 71.72% in the last three months.
Volpara Health Technologies Limited (ASX:VHT)
Australian MedTech SaaS player Volpara Health Technologies Limited provides digital health solutions to its clients. The technology and services of Volpara are supported by several regulatory approvals (including FDA clearance as well as CE marking), patents, and trademarks and have been used by customers across 38 nations.
Stock Information: On 22 June 2020, VHT stock was trading at A$1.325 (at 1:53 PM AEST), down by 3.285% with a market cap of nearly A$339.81 million. The stock has delivered a notable return of 38.38% in the last three months.
OncoSil Medical Ltd (ASX:OSL)
New South Wales headquartered medical device company OncoSil Medical Ltd is focused on Interventional in the liver and pancreatic cancer. The lead product of the Company is OncoSil™, a targeted radioactive isotope P-32, implanted into the pancreatic tumour of the patient through an endoscopic ultrasound.
The OncoSil™ device has granted CE Marking and can be marketed in the UK and the European Union.
By the US FDA, an Investigational Device Exemption has been granted to conduct a clinical trial of the OncoSil™ device intended at supporting a PMA approval.
Stock Information: On 22 June 2020, OSL stock was trading at A$0.120 (at 1:53 PM AEST), down by 1.639% with a market cap of nearly A$101.52 million.