- WA med-tech sector in Perth, led by OncoRes, has proven viability without relying on interstate or overseas investors.
- OncoRes, under CEO Katherine Giles, has raised over $30 million locally, manufacturing cancer-detecting technology in Perth.
- The company’s team of 40, recruited from diverse industries, is preparing for a capital raise to enter the US market.
- WA’s medical research sector, supported by government funding, aims to diversify the state’s economy away from mining.
- OncoRes’ technology, utilizing microelastography, aims to improve breast cancer detection, potentially reducing the need for additional surgeries.
Breaking Barriers: WA Med-Tech Sector’s Message to Local Investors
The landscape of Western Australia’s medical technology sector is rapidly evolving, challenging the notion that local ventures are solely reliant on interstate or overseas investors for sustainability. OncoRes, a pioneer in breast cancer technology led by innovator Katherine Giles, is a shining example of the potential and success that can be achieved within the state’s borders.
Overcoming Skepticism: Building OncoRes in WA
When Dr. Katherine Giles embarked on the journey to establish OncoRes in Western Australia in 2016, she faced skepticism from investors who favored traditional mining ventures. Despite being discouraged and advised to seek funding elsewhere, she remained steadfast in her vision to create a cutting-edge medical device company in Perth. The prevailing belief at the time was that the local market was not conducive to supporting medical innovations, leading many companies to relocate in pursuit of financial backing.
However, against all odds, OncoRes has defied expectations by raising over $30 million and initiating the production of medical equipment integrated with innovative cancer-detecting technology. The company’s decision to bring manufacturing in-house has not only streamlined operations but has also fostered a collaborative environment that draws talent from diverse industries, including mining, medical, rail, and defense.
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From Local Success to Global Recognition
OncoRes’ remarkable journey is a testament to the growing prominence of WA’s med-tech sector, which is gradually gaining recognition on a global scale. The company’s breakthrough device designation by the Food and Drug Administration has paved the way for its expansion into the US market, marking a significant milestone in its quest to revolutionize cancer detection and treatment.
The emergence of OncoRes is part of a broader trend in Western Australia, where a flourishing medical research sector is poised to drive long-term diversification away from traditional industries like mining. Premier Roger Cook acknowledges the pivotal role of medical technology in reshaping the state’s economic landscape, emphasizing the need to leverage existing expertise in autonomous and robotic technology for the advancement of healthcare innovation.
Shifting the Investment Paradigm: A Call for Local Support
Despite the progress made by companies like OncoRes, there remains a prevailing challenge in convincing local investors to shift their focus from mining to healthcare innovation. Dr. Giles highlights the disparity in investor comfort levels, noting that while risky investments in mining are readily embraced, similar support for medical ventures is lacking.
The critical role of government funding in supporting local medical research cannot be understated, with approximately $250 million allocated from mining royalties to bolster the sector’s growth. Dr. Giles emphasizes the importance of educating investors and fostering a culture that values and incentivizes investment in healthcare innovation, mirroring the confidence traditionally placed in the resources sector.
The success story of OncoRes exemplifies the untapped potential within Western Australia’s med-tech sector and underscores the need for a paradigm shift in local investment patterns. As the state continues to position itself as a hub for medical innovation, bridging the gap between traditional industries and emerging technologies will be pivotal in realizing the sector’s full economic and societal impact.
Links to additional Resources: 1. https://www.onco-res.com/ 2. https://www.biotech.wa.gov.au/ 3. https://www.mvest.com.au/