This is the tagline that was chosen by Malta Enterprise for their stand at the MedTech World Conference, taking place this week on November 7-8 at the Mediterranean Conference Centre. MedTech World is an event where startups, industry leaders, regulators, investors and service providers are all under one roof, with one goal: finding innovative solutions for patients and improving their quality of life. Malta Enterprise is there to support this journey, to help overcome stumbling blocks preventing product commercialization, and ensuring that companies continue their discovery process for technological advancement.
Why MedTech? Malta’s MedTech foundations lie in the pharmaceutical sector, which comprises around 60 companies and employs a total of 1466 employees as of May 2024 – showing an increase of 23.5 percentage points over the past two years alone. In 2023 pharmaceutical companies have exported the equivalent value of €365.3 million. On these foundations, we have built a strong and unique ecosystem for pharmaceuticals and medical device manufacturing. Industry and stakeholders have evolved together during decades of co-existence.
Today high value added manufacturing is still at the forefront of the industry. Companies like Baxter, a medical instrument manufacturer, this year have announced a new investment of €60 million in an expansion project, creating an additional 180 jobs to boost its production by 20 per cent. Also this year the global company Torrent Pharma will be opening its doors after an initial investment of €22 million in a new plant in Malta as part of its expansion plans in the EU.
Industry has new tools at hand
Decades of investment in the sector has translated into a highly skilled workforce trained through modern educational institutions, a state-of-the-art general hospital with a specialized oncology hospital, modern and robust infrastructure and regulatory framework that prioritizes safety, efficacy, and innovation. Central to this ecosystem is the highly reputed Malta Medicines Authority, which is sought after for its acumen and expertise from all parts of the world.
Malta is now harnessing these strengths and embracing new sectors through investing in research and development, promoting innovation, and fostering partnerships between academia, industry, and healthcare providers. Industry has new tools at hand that can create better solutions for our patients using AI, machine learning, robotics and IoT.
Malta Enterprise sees startups playing a critical role in bridging the gap between the traditional and future solutions. They are the stars of creating a vibrant local MedTech ecosystem. Startups generate highly skilled specialised jobs, attract talent, and stimulate economic growth. Each startup that emerges not only contributes to the local economy but also creates a ripple effect—encouraging collaboration, inspiring established companies, and attracting foreign direct investment.
Malta Enterprise is committed to supporting this ecosystem through specific financial support instruments for startups, research and development schemes with no capping to support innovative projects, and also measures like Innovate, to help companies fund post-graduate students to carry out their research in conjunction with our higher education institutions. Beyond our financial incentives we have launched a Start-Up Residency Programme to assist founders and their families to set up their home here in Malta and help retain the amazing talent behind these start-ups. Startups in various niches such as the medical cannabis sector, fertility sector, robotics for surgery and molecular diagnostics have already availed of Malta Enterprise’ support.
The ecosystem is far from perfect and Malta Enterprise keeps working to identify the building blocks necessary for a new modern economy structure. One such example is through working with the Malta Medicines Authority to set up an operational notified body in Malta, essential for the certification of medical devices within the EU. Malta Enterprise continuously invests in the Life Sciences Park and Kordin Business Incubation Centre to ensure that startups have the infrastructure to launch their business. Government has only recently announced a new Incubation Centre for startups in Hal Far, as well as the launch of DiHubMT, Malta’s European Digital Innovation Hub offering services to SMEs such as access to a high-tech workspace offering high performance computing, augmented and virtual reality, 3D printing and more. Such investment is critical for Malta to remain competitive and attractive for investment.
These investments, our strategic location, coupled with our strong regulatory framework and commitment to patient safety, makes Malta an attractive destination for MedTech companies seeking to expand their operations and increase their global footprint. Malta Enterprise is dedicated to shaping the future of MedTech and ensuring that our local ecosystem remains a beacon of progress and possibility.