Spending on health accounts for approximately 10% of Australia’s GDP, a figure anticipated to grow over the next decade.
This trend is being driven by a rapidly growing and ageing population and increases in the incidence of lifestyle-related disease, awareness of health needs and improvements in treatments and technology.
Innovation in the way the research sector and industry collaborate towards developing new treatments and ways of delivering health will be critical in addressing many of the region’s current health challenges. The same innovation however, if properly supported, will lead to direct commercial opportunities capable of growing into new health economy industries.
In this context, Westmead possesses a wide range of health, education and research infrastructure, combined with proximity to skilled labour markets that provide a natural environment for the diffusion and translation of novel ideas that can be spun into new health enterprises. Put simply, a place where new businesses and industries of the future are born.
The economic opportunity for both public and private sector investment at Westmead lies in developing the programs, facilities and environments where the health economy of the future can grow.
“Westmead will be a pivotal, internationally-facing component of the regional innovation eco system Western Sydney University is supporting through its LaunchPad startup incubator and SME accelerator.”
Don Wright, Program Manager, LaunchPad.
Existing private health industry
- Multiple specialist clinics, consulting suites and aged living facilities
- 350 employing businesses within Westmead of which more than half are Allied Health businesses (based on 2016 Deloitte street survey)
- Two industrial and bulky-goods retailing areas (non-health focused)
- Grow Westmead as a specialised employment centre for the health industry
- Provide the infrastructure, cultural environment and appeal that will compel firms from start-ups to large biotechnology to locate at Westmead
- Attract additional private health and medical services to Westmead
- Support the placement of medical and allied health students to gain work place learning opportunities in local health enterprises and institutions.
- Deliver the Westmead Innovation Centre
- In continuation of the market sounding exercise commenced by Deloitte and Health Care Real Estate Australia as part of preparing this Vision, further identify the nature and depth of user demand by health enterprises to locate to Westmead
- Maximise the work, knowledge and momentum developed in the preparation of this study as a launching pad to delivery of the Vision
- Work with NSW Government to develop a commercial strategy to attract a large biotechnology, medical technology and pharmaceutical anchor companies on public lands at Westmead to drive greater public-private research collaboration.
Components of the vision
- Existing employment lands at Westmead to be used for future health industry uses
- Surplus public sites to be focused and developed to attract private health enterprises
- The future innovation centre to be purpose designed space where Westmead staff, researchers, students and graduates can share ideas with peers, industry leaders and the wider commercialisation and start-up community
- Attraction of additional primary care, day surgeries, diagnostics and other allied health services to meet current precinct needs
- Attraction of new major private laboratory space to facilitate the mixing of public and private researchers in commercial environments
- A future home for global health technology enterprises.