AusBiotech, Australia's leading voice for life sciences, welcomes the Federal Government's Strategic Examination of Research and Development (R&D) as an important step toward unlocking Australia's innovation potential and driving economic growth.
Rebekah Cassidy, AusBiotech CEO, expressed support for the review, emphasising the need for a unified approach to enhance Australia's R&D ecosystem.
"Australia regularly gets an A for medical research, but we fall down when it comes to supporting companies that are commercialising that brain power into local industries which can benefit both our health and economy," she said.
"We consistently rank in the top ten worldwide on the Global Innovation Index but are currently ranked 30th for research outputs – demonstrating the clear and urgent need for targeted reform.
"Bridging this gap in Australia's life sciences sector will bring more life-saving medical products and technologies out of the lab and into market, with all of the health and economic benefits that come along with that.
"Now is the time for Australia to be advancing our R&D system, with a focus on supercharging the D, especially in the biotech and medtech sector. This is fundamental to Australia's competitive advantage.
"Globally, governments are recognising that a thriving home-grown biotech and medtech sector is key to a nation's health security. We are behind. We hope this Examination will help us to catch up.
"We are encouraged by the deep life sciences expertise on the expert panel, and as Australia's leading voice for our sector, look forward to working with them.
"With close to 1600 biotechnology and medical technology companies now part of our country's diverse life sciences sector, Australia has never been better positioned to take advantage of home-grown expertise and experiences, to help address the current barriers to development and commercialisation."
With more than 3000 members across the life sciences ecosystem, AusBiotech has consistently advocated for evidence-based, tailored and specific policy reform to strengthen Australia's life science Research, Development and Commercialisation. The organisation supports key areas outlined in the review, including the opportunities to:
- Maximise the value of existing R&D investments to strengthen linkages between research and industry
- Support the achievement of national priorities
- Drive greater R&D investment
- Uplift Australia's overall R&D intensity
Rebekah highlighted the critical importance of viewing Australia's R&D system holistically to unlock the D and supercharge our health development and commercialisation potential:
"The Government's Review today is a positive step forward for the sector, but it is not the whole puzzle," Rebekah said.
"Unlocking the full potential of Australia's health and life sciences capability requires a national focus on biotech, medtech and digital health that captures the true breadth of the opportunities and issues across the whole of government including, health, foreign affairs and trade as well as the states and territories.
"This whole of government strategic opportunity needs to be harnessed by government in partnership with industry for the health of our nation."
About AusBiotech
AusBiotech is Australia's leading national and global advocate for life sciences, working to help its more than 3000 members thrive by shaping policy, creating connections, and fostering knowledge sharing. With an unrivalled national convening power, AusBiotech supports its members' growth by building an Australian life sciences ecosystem that leads in development and commercialisation, creating high-quality, innovative life sciences companies.
