Victorian medtech gets boost with Monash University’s new international partnership

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Monash University has partnered with Israel-based Sheba Medical Centre to create more equitable healthcare models and medtech manufacturing opportunities in Victoria. 

Minister for Industry and Innovation Ben Carroll joined leaders from the two organisations over the weekend as they signed a memorandum of understanding for the research and development partnership. 

The Victorian government and Monash University’s Victorian Heart Institute will invest $200,000 to procure the latest technology and enable faster adoption of new treatments for cardiovascular diseases. 

The partnership aims to enhance Victoria’s healthcare delivery and create new jobs in medtech research, manufacturing, and export. 

“We welcome this new partnership between Monash and Sheba, as it will help drive increased investment in Victoria’s medtech sector and improve healthcare for Victorians,” Minister Carroll said. 

Monash University is Australia’s largest university and was internationally recognised as the world’s best Pharmacy and Pharmacology in 2022— the first Australian institution to receive the recognition. 

Meanwhile, Tel Aviv-based Sheba Medical Centre is one of the world’s leading hospitals specialising in artificial intelligence, robotic surgery, digital imaging, and telemedicine, developed through its in-house innovation hub.

“Together, we will promote economic growth as we advance healthcare and in doing so shift the paradigm of the future of medicine to one that emphasizes prevention,” said Sheba Medical Center Director General Professor Yitshak Kreiss. 

Victoria’s involvement in the MOU marks the government’s latest investment and follows support for several major medtech projects, including the establishment of the $20 million Australian Medtech Manufacturing Centre, mRNA Victoria, and investments into medtech startups through LaunchVic and the Breakthrough Victoria Fund. 

“This is an excellent opportunity for Victoria to partner with one of the top hospitals in the world, which is also a leader in digital health innovation,” said Minister for Health Mary-Anne Thomas. 

Victoria’s medtech industry contributes over $21.4 billion in revenue and $3.5 billion in exports to the state’s economy and supports around 31,400 jobs.