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NZ medical technology -- the next billion-dollar industry?

New Zealand’s medical technology sector believes it could be the country's next billion dollar industry, and plans to hire more than 165 fulltime, highly skilled workers in the next two years, according to Business Day (

The report, citing the Medical Technology Association of New Zealand, said the sector earned about NZ$611 million in revenues last year, the bulk of which – $578 million – were from exports.

Its firms spent more than $65 million on research and development, and were likely to particularly need engineers, plus sales and marketing staff.

Mtanz's chief executive Faye Sumner said it was vital to "for New Zealand to retain its best and brightest technology students to support this sector.

"Over the next two years, 22 companies in the sector plan to raise $44.1 million for expansion." The medical technology sector, dominated by Fisher & Paykel Healthcare, is an emerging field. Nearly a third of the 42 firms that responded to the survey reported that they were "pre-revenue" and another 42% had revenues of less than $2 million for the last financial year.

Firms also indicated that access to funding and skilled staff may bind their ability to pursue the $350 billion global medical technology market.

International regulatory systems and compliance were also seen as potential barriers. -- Source: Business Day