28 January 2013

South Africa: Western Cape Minister of Finance, Economic Development and Tourism Alan Winde - Cape Health Technology Park Feasibility Study to Be Completed Mid-2013

press release

The feasibility study for the development of South Africa's first health park - the Cape Health Technology Park - is due to be completed by mid-2013.

The Cape Technology Park project forms one of the Western Cape Government's key infrastructure development projects, the Urban Regeneration Programme. The Urban Regeneration Programme aims to utilise Provincial property as a catalyst for creating economic growth and jobs.

It is envisaged that The Cape Health Technology Park, a collaborative venture between the Western Cape Government, the national Department of Science and Technology, academia and business, will be a world-class facility where pharmaceutical companies, research institutes, clinical trial facilities and health-related academic and government programmes are strategically housed in one location.

This initiative, if approved, will result in the enhancement of the Western Cape and South Africa's international attractiveness as a location for biotechnology companies. The Health Park will also provide support to local manufacturers in an industry that is largely dominated by foreign companies.

Speaking during visits to medical device factories, Western Cape Minister of Economic Development, Alan Winde, said: "South Africa's medical device industry was worth R11.43 billion in 2011 and is calculated to increase in value to R16.43 billion by 2016. However, the industry is largely dominated by foreign companies with imports accounting for 90% of the market. Today I visited cutting edge medical device factories producing world-class medical technology. Through the creation of the Health Park, and with the support provided by our trade promotion agency Wesgro, local manufacturers will be in a better position to serve the local market and compete in the global medical device sector."

"The global medical device industry is growing rapidly, with value expected to hit $228 billion by 2015, up from $164 billion in 2010. South Africa, and in particular, the Western Cape has the potential to be a key player in this industry as the majority of medical device and biotechnology companies, research institutes and research groups are based in our Province ", Minister Winde added.

"Local and international investors continue to embrace the Western Cape as an investment destination. Over the years, the province has maintained a stable economic growth, characterised by growth, employment and equal opportunities, and built on the full potential of all. The Health Park will further increase our attractiveness in this regard." Minister Winde continued.

Minister Winde today visited three medical device companies in Cape Town:

Cape Ray - A developer, manufacturer and supplier of medical imaging equipment for the diagnosis of breast cancer;

DISA Vascular - A manufacturer coronary stents and coronary balloon catheters used by cardiologists for the treatment of coronary artery disease; and

Vision Biotech - A manufacturer of tests for malaria, HIV/AIDS, TB & other infectious diseases.

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