As a growing sector in Australia, over 23,000 people are employed in health and medical research, with a combined revenue of $1.32 billion. This sector has unique challenges, particularly with the growth in chronic disease in an ageing population, and the push to meet consumer demand for better treatments, resulting in the need for careful investment choices.

O’Connell Advisory have worked closely with the Office for Health and Medical Research (OHMR) for a number of years to monitor and evaluate the outcomes of various grant schemes including  the Medical Devices Fund (MDF) and Medical Research Support Program (MRSP).

We have also provided advice to numerous medical research institutes. Services have included:

• The preparation of business plans and financial projections,
• Infrastructure development plans and funding,
• Preparation of grant and funding applications and,
• Evaluation of the efficiency and ongoing sustainability of the institute.

Commonly this process will involve the development of financial models to assist with the analysis of strategic options.

Further, O’Connell has also assisted with the development of funding applications for new technologies. This has included market analysis (including market size estimation), competitor analysis, development of the optimal operational model (revenue, costs and staffing) and measurement of the economic benefits of the proposed service.