In a pre-budget submission, AusBiotech and MTPConnect have called for new investment in strategic initiatives to boost Australia's life sciences sector which is central to the nation's productivity, health security and the health and wellbeing of all Australians.
The submission highlights Australia's proud history of groundbreaking, world-first health innovations and makes recommendations to support the sector's development and address commercialisation gaps that leave our nation trailing behind OECD peers.
While Australia is a global leader in scientific research, ranking top ten on the Global Innovation Index, we have fallen to 30th for research outputs. The ingenuity and expertise required to bridge this gap is already present in local industry. Government and industry partnership is required to unlock that potential.
The pre-budget submission, for consideration in the 2025-26 Federal Budget, seeks partnership with Government to deliver unified, cohesive and intentional prioritisation of Australia's life sciences industry by:
- The Australian Government, in partnership with industry, developing a National Life Sciences Strategy supported by the creation of a new National Life Sciences Council;
- The life sciences industry being recognised as a priority under the Future Made in Australia Act; and
- Industry capability being further strengthened through investment in data collection.
The joint Submission not only highlights the industry's significant contribution to Australia's productivity through high-value jobs, advanced manufacturing, export growth and improved health outcomes but also the industry's numerous policy touchpoints—spanning regulation, funding, investment, procurement, clinical trials, manufacturing, exports, education, and skills—which are currently dispersed across eight different Australian Government portfolios.
AusBiotech CEO Rebekah Cassidy said: "For too long, Australia's life sciences policy landscape has left many of the potential health and economic benefits of our industry on the table."
"Our nation's life sciences industry – from our home grown SME's to larger organisations - has the requisite expertise to develop, commercialise and manufacture new medical innovations to support the health of Australians, strengthen Australia's economic resilience, and support our national health security priorities.
"With the global context continuing to change - from pandemics to supply chain resilience, chronic disease, aging populations, climate change, and geopolitical tension – the time is now for Australia to intentionally prioritise and support the growth of its life sciences sector.
"A unified whole of government national Life Sciences Strategy developed with the support of an expert Life Sciences Council is a necessary step. Making life sciences a priority sector under the Future Made in Australia Act will recognise the critical strategic importance of the life sciences industry and ensure the necessary level of focus, coordination, partnership and investment for future success."
MTPConnect CEO Stuart Dignam said the joint submission lays out a plan for sensible investments and initiatives to better support the sector to realise its full economic and health potential.
"If we are serious about supporting homegrown medtech, biotech and pharma innovations, then broadening the Future Made in Australia plan to include life science is a must and will make a real difference for our start-ups and SMEs.
"A true National Life Sciences Council, bringing together industry expertise and whole-of-government clout will go a long way to ensuring we can address challenges, plug commercialisation gaps and build a fit-for-purpose workforce in a timely manner.
"It's all about backing start-ups and SMEs to be able to bring their life-saving medical products from research labs to global markets which will drive resilient companies, a more robust economy and healthier communities," he said.
Since 2016, the medtech, biotech and pharma sector has been cumulatively Australia's greatest value-add export industry outside of primary industries, making it a vital contributor to Australia's future as a diversified, more knowledge intensive and modern economy.
Read the 2025-2026 Pre-Budget Submission here.
