Australia's peak body for the biotechnology industry welcomes the launch of the Medical Science Co-Investment Plan today, as it identifies four key investment opportunity areas in the medical science priority area: medical devices, complex therapeutics, digital health, and sustainability.
Today's release of the Medical Science Co-Investment Plan (the Plan) marks the first of seven to be published, and industry applauds this new government initiative in its understanding of the underlying value drivers of the sector and the prevalent market failures present.
Welcoming its release alongside Industry and Science Minister the Hon. Ed Husic MP and Health and Aged Care Minister the Hon. Mark Butler, AusBiotech's Interim Chair Dr James Campbell noted that, "The Co-Investment Plan outlines the unique environment that companies developing life-enhancing and life-saving technologies operate in, and is a strong indicator to investors of the areas of opportunity where Australia can diversify and grow its manufacturing capabilities."
"Australia's biotechnology industry has grown 40 per cent in the past two years, reinforcing the knowledge-based sector's economic and social value and potential to Australia and Australians. In order for small and medium-sized companies to scale up and scale out, attraction of risk-tolerant patient capital across the pipeline remains critical."
The Co-Investment Plan's action statement provides an overarching mission for the medical science priority area so that Australia "will capture more value from our world-leading medical research by increasing our industrial capacity and capabilities, supporting the commercialisation of high-value products, and improving the international competitiveness of our medical science and technology sector."
The Plan outlines four key investment opportunity areas: medical devices, complex therapeutics, digital health, and sustainability; and identifies six capabilities areas to advance the overarching mission: skills and capability availability; demand; collaboration and coordination; supply chain diversification; research translation and commercialisation, and regulation and business settings.
The Plan focuses on manufacturing opportunities related to a broad range of products for therapeutic use such as medical devices, medicines, personal protective equipment, and vaccines. It also advocates for strengthened pathways between academia and industry, digitally enabled product development and infrastructure, and national coordination across the medical ecosystem.
The Medical Science Co-Investment Plan is the first of seven proposed Plans that will "… identify investment opportunities that focus on Australia's strengths and target areas with high economic potential that align with the government's policy objectives. The Plans also outline potential broader actions for government and industry to build ecosystems that support sustainable manufacturing capabilities across the priority areas. By coordinating efforts, the Plans will help ensure Australia seizes future opportunities."
AusBiotech was pleased to participate in the Department of Industry, Science and Resources' medical science industry working group, and to submit a comprehensive submission in response to the National Reconstruction Fund, both of which fed into the development of the Plan. It is important to note that the Plan does not outline or direct National Reconstruction Fund Corporation (NRFC) investment. The NRFC Board will make investment decisions independently and consistent with its legislative framework, including its Investment Mandate. Rather, the Plan outlines the opportunities and strengths that Australia offers where co-investment would be beneficial.
Read the Medical Science Co-Investment Plan here.
