Medical Devices 101 and Local Insights about the WA Life Sciences Sector

This episode features conversations with Paul Watt, Co-Founder and Executive Chair of Avicena Systems and Liddy McCall, Director of Yuuwa Ventures

Investment in life sciences in Western Australia has grown significantly in recent years. This growth has been driven by several factors, including the state's strong research and development infrastructure, its highly educated workforce, and its supportive government policies. In an interview on the Life Sciences WA Podcast, local investor Liddy McCall and serial medtech entrepreneur Dr Paul Watt, discussed the state of life sciences investment in Western Australia and shared some valuable lessons for other investors.

One of the key challenges facing life sciences investors in Western Australia is the high cost of conducting clinical trials. These trials are essential for proving the safety and effectiveness of new medical treatments, but they can be very expensive and time-consuming. To address this challenge, the government has introduced a number of initiatives to support clinical trial activity, including providing funding and other forms of support to researchers and companies.

Another important factor for investors is the availability of skilled workers. Western Australia has a strong education system, with many high-quality universities and research institutes producing a steady stream of highly trained professionals. This has helped to create a vibrant life sciences ecosystem, with a wide range of companies working on cutting-edge research and development.

A key lesson for investors is the importance of building relationships with key stakeholders, such as researchers, government agencies, and industry partners. These relationships can provide valuable insights and support and can help to accelerate the development and commercialisation of new technologies.

Another important lesson is the need to be patient and persistent. Developing new medical treatments can be a long and complex process, with many challenges and setbacks along the way. Investors need to be willing to stick with a project for the long haul, and to be flexible and adaptable in the face of changing circumstances.

Overall, Western Australia offers a strong environment for life sciences investment, with a range of supportive policies, a highly educated workforce, and a thriving research and development ecosystem. Investors looking to enter this market should be prepared for the challenges and opportunities that come with working in this dynamic and fast-changing field.