AusBiotech and MTPConnect have released a Discussion Paper ahead of their upcoming National Biotech and Medtech Development and Commercialisation Summit, on 19 November 2024 in Canberra.
Australia's life sciences sector is an essential part of Australia's economy, supporting high-paying and skilled jobs, manufacturing exports, and underpinning the health and wellbeing of Australians. It is rightly recognised by the Australian Government as a critical sector that is essential for Australia's future.
Yet while we are in the top ten globally for research, we slip down to 30th for the translation and commercialisation of that research.
The upcoming National Biotech and Medtech Development and Commercialisation Summit will see AusBiotech and MTPConnect gather some of the country's most senior medtech, biotech and pharma industry leaders to tackle the challenges of supercharging the "D" in Australia's health and medical R&D strategies.
The joint discussion paper launched today unpacks Australian and global policy contexts, stubborn industry challenges, and barriers to achieving robust "Development and Commercialisation" outcomes.
"Australia is already recognised as a global incubator for outstanding medical research. How we build upon that to also be recognised for our capacity to translate, develop and commercialise those ideas to build more great Australian companies is the opportunity we need to harness," said AusBiotech CEO, Rebekah Cassidy.
"The time is now for Australia to realise the potential of its growing biotech and medtech sector. By advancing our life sciences industry, bringing innovations to market quicker, ensuring we have the Australian based skills and capability we need to succeed – we can play a greater role in securing the health of Australians and our national competitive advantage."
MTPConnect CEO Stuart Dignam said the discussion paper and 19 November Summit aim to harness industry insights and create a united voice to government ahead of the 2025 election.
"Medical products are one of Australia's most significant value-add exports, but gaps in biomedical and medical technology product development limit our ability to fully realise the commercial potential of our innovation prowess," Mr Dignam said.
"The Summit will explore issues ranging from supply chain vulnerabilities and sovereign capabilities to access to capital and people with the right skills to ensure our start-ups and SMEs can grow and scale. We look forward to engaging with Australia's industry experts, innovators and policy makers in robust discussions on ways to drive growth of our sector," he said.
Globally, the industry is positioned as a key to economic productivity and prosperity. At the same time, it sits at the nexus of multiple societal challenges, including pandemic response, supply chain resilience, chronic disease, aging populations, climate change, health equity, and geopolitical tensions.
Dynamic global and national environments underscore the need for intentional, unified solutions to help grow Australia's life sciences sector.
Hearing the voice of the sector
Both organisations are encouraging the sector to participate in shaping the Summit's conversation. Those who are attending the Summit should read the discussion paper in advance and be ready to engage in the room on the day.
Those who aren't attending but want to have their voice heard can provide their thoughts via an industry wide survey available here.
The survey will close on the evening of Friday 22 November 2024.
