On Tuesday 7 September 2021, ACBC was proud to host the third biennial Australia China Health Summit – Online, a successful collaboration between the Australia China Business Council and the Australia China Health Accelerator with support from the National Foundation for Australia-China Relations, Global Victoria and Invion.
Our largest and most ambitious virtual offering to date, we were delighted to host 20 expert speakers with diverse backgrounds to present over 4 distinct sessions to over 120 virtual attendees from around Australia, China and further abroad.
Topics addressed at the Summit ranged from opportunities in China’s vibrant Greater Bay Area to the huge potential for Chinese companies in Australia’s well-placed, and strongly supported MedTech ecosystem. Speakers shared unique knowledge and experience on engaging with China’s healthcare market from investor, MedTech and research perspectives. Esteemed keynote presentations proved cross border B2B and P2P relationships continue to drive Australia’s engagement in the region.
SOME KEY TAKEAWAYS FROM THE SUMMIT:
- There remains tremendous opportunity for collaboration between Australian & Chinese Bio/MedTech organisations. These opportunities come in the form of rapid evolution of medical technology, vast industry parks ideal for start-ups and existing companies, and the support of Government backed funding, initiatives, and incentives for local and national growth.
- China’s Greater Bay Area Initiative aims to promote business and growth in the Guangdong-Hong Kong-Macao area. The area is comprised of mainland Chinese cities and two Special Administrative Regions to create an economic and business hub.
- Austrade’s Export Market Development Grants (EMDG) program helps Australian businesses grow their exports in international markets. These grants encourage small to medium enterprises to market and promote their goods and services globally.
- Funding for MedTech & Biotech manufacturing were included in this year’s Australian Federal Budget.
- China is the 2nd largest economy for MedTech which accounts for a third of global growth.
- In the process of opening a hospital in China an organisation would have to comply with a regulatory process of around 180 stamps of approval in order to satisfy Chinese law and procedures.
- Speciality departments in Chinese hospitals require an individual licence per department.
- Cochlear reported that 1 in 7 people in China have a hearing disability.
- An area of opportunity lies in the Consumer Health industry. As demand increases from China, Australian companies have been highly rewarded through E-Commerce, however, are now adapting their market penetration approach to cater for the growing demand of the market in the form of physical stores in China.
- Australia is China’s largest source for complimentary medicines, imports valued at $1.2b in 2020.
- Chinese companies are becoming increasingly innovative, driven by the number of international patents and increased R&D.
- Chinese MedTech can enhance IP through Australian R&D to enter foreign markets more prepared.
- The near future looks to a constrained and re-framed Australia-China relationship; however, engagement must continue as China is Australia’s most important foreign economy. Regardless of geopolitics, opportunities still wait for both countries.
Watch a recording of this event on the ACBC Insights Centre here
Read an executive summary including photos on the ACBC website here