Victoria's health technology sector employs more than 51,000 people, supported by a further 20,000 research sector jobs. The sector has a combined market capitalisation exceeding $207 billion.
Victoria is one of the world's leading locations for research and commercialisation in medical technologies, biotechnology and pharmaceuticals. It is home to a vibrant commercial sector, key R&D infrastructure and advanced manufacturing expertise making it a highly sought after destination by global companies.
Melbourne-based companies account for more than 40% of Australia's listed health technology firms
The Victorian Government has invested more than $1 billion in medical research since 2015, helping cement Victoria as a world leader in medical research, with a workforce of more than 30,000 driving incredible breakthroughs in treatment and patient care.
Victoria is home to more than 40% of Australia's ASX-listed medical technology and pharmaceutical companies, supported by a globally recognised research and innovation ecosystem, and exporting health technology products worth more than $3.8 billion in 2024
Melbourne‘s globally-recognised medical technology, biotechnology and pharmaceutical organisations offer significant opportunities for migrants looking to build their careers, and conduct trade and investment activities.
Global leader
Victoria’s capabilities in the medical technologies and pharmaceuticals industry are amongst the world’s best. We have a sophisticated network of organisations turning cutting edge research into life-changing outcomes including:
- start ups
- medium sized businesses
- large multinationals
- hospitals
- service providers
- universities
- research organisations.
The Victorian government has been helping this industry grow in various ways, including investing over $1.8 billion over the past 15 years to build our science and technology industries.
Health and medical research
World-leading medical research in Melbourne
Our world-class research institutes enable Victoria to receive more than 40 per cent of national government medical research funding. Melbourne is home to state-of-the-art institutes covering major programs in:
- cancer
- inflammatory disorders
- cardiovascular disease
- diabetes
- infectious disease
- public health
- neurological disorders
- mental health.
Melbourne’s renowned institutes also have expertise in medical bionics, eye diseases, stem cell science and paediatric research, and are respected globally for their expertise in delivering clinical trials.
Innovative life sciences
Victoria's life science sector is among the world's largest and most innovative, with world-class institutes and companies worth more than A$35 billion.
Our health and medical industry is underpinned by Victoria's experienced talent pool, research and development (R&D) excellence and world-leading infrastructure.
See the Future Industries – Medical Technologies and Pharmaceuticals Sector Strategy for more information about Victoria’s plan for employment growth and investment in our health and medical technologies industry.
Useful websites
Business and investment
- Business and investment visas
- Business and investment opportunities in health and medical technologies
Industry associations
Medical technology industry associations
- ARCS Australia Ltd
- AusBiotech
- Australian Dental Industry Association
- Australian Self Medication Industry Association
- Complementary Medicines Australia
- Medical Technology Association of Australia
- ACCORD Australasia
Medical research associations
- Association of Australian Medical Research Institutes
- Research Australia
- The Australian Society for Medical Research