What are focus sectors?
NSW has identified 9 focus sectors to attract investment and grow trade. We encourage businesses to get in touch to explore how we can support their plans to invest and grow in NSW.
This page explores life sciences and healthcare and why it’s a priority for NSW.
Learn more about the state's priorities
The sector at a glance
The 2024-25 NSW Budget allocates a record $35.1 billion to health.
NSW has the largest Medical device ecosystem in Australia, accounting for 35% of all Medtech businesses.
Government R&D tax incentives for eligible companies make early-phase clinical trials 60 per cent cheaper to run in Australia than in the US.
NSW’s public health system is the largest in Australia – with 228 hospitals performing over 900 surgeries each day.
Why life sciences and healthcare matter in NSW
NSW has one of the strongest health and medical research ecosystems in the Southern Hemisphere. From public investment in world-class precincts like Westmead, to thriving local startups and major global players, the sector supports jobs, innovation and export growth.
NSW leads in MedTech, digital health, clinical trials and advanced therapeutics. It’s well placed to meet growing global demand, especially from ageing populations and the expanding middle class in Asia and the Middle East.
NSW is investing in Health Precincts to deliver health research, education and innovation. Key projects include Sydney’s AU$96 million RNA pilot manufacturing centre (based at Macquarie Park), and AU$134 million to support the first GMP-grade clinical and commercial viral vector manufacturing facility in Westmead.
The Sydney Biomedical Accelerator (due for completion by 2027) is a collaboration between the University of Sydney, the Sydney Local Health District, and several other partners, including industry and philanthropic organisations. This world-class facility will provide industry an opportunity to collaborate with key researchers in the fields of cancer, cardiovascular disease, infectious diseases and immunity, and neuroscience and mental health.
A hub for MedTech and health innovation
NSW is home to the country’s largest medical device cluster, led by firms like Cochlear, ResMed, Stryker, Boston Scientific and Johnson & Johnson.
These companies create a strong ecosystem that supports local innovation. Sydney-based startup 360 Med Care, which specialises in knee and hip joint replacements, scaled from a 2015 launch to global distribution in 44 countries with backing from Johnson & Johnson.
NSW’s proximity to Asia and strong tech environment support further growth across MedTech, diagnostics and digital health.
NSW Government continues to support innovation in the health sector. The Medical Devices Fund is an ongoing $8 million per year, competitive technology development and commercialisation program for new-to-world medical devices. The program is funded by NSW Health and administered by the Office for Health and Medical Research (OHMR).
Clinical trials in NSW
NSW’s large and diverse population, world-renowned expertise and highly networked health system make the state an efficient and premier destination globally for clinical trials.
Our integrated health system and statewide clinical trials network allows for 90% of clinical trials to be approved within 60 days of application.
Whilst NSW offers a full range of clinical trials, our particular expertise is in first-in-human and early phase clinical trials. That’s why 28% of all Ph I and I / II trials in Australia are conducted in NSW.
Clinical Trial Connect is a personalised concierge service to assist partners to establish and conduct clinical trials and can also link researchers with other government departments to take advantage of tax concessions available in NSW.
Advanced therapeutics
NSW is a leader in cutting-edge research for advanced therapies, including:
- gene and cell therapies
- RNA therapies
- vaccine development
- bacteriophage treatments.
These innovations are attracting global interest and partnerships with major pharmaceutical companies.
Case study
Cochlear
Learn how NSW-founded Cochlear became a global leader in hearing technology.
How Investment NSW can help
We offer free support to health and life sciences businesses, including:
- market intelligence and insights
- advice on NSW Government programs and approval processes
- connections with government and local business contacts
- help developing business cases
- identification of investment locations and potential partners
- coordination of familiarisation visits.
Get support
Ready to grow your health, MedTech or life sciences business in NSW? Investment NSW can help.
Contact Investment NSW to share your plans and connect with our support team.
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