Pfizer has released a new report recommending that the Government develop a vision for the Australian life sciences sector.
The company has released the report, Breakthrough Nation - A 10-point plan for how the life sciences sector can drive Australia's health and wealth, in the week after it marked its $150 million investment to upgrade its Melbourne-based manufacturing facility.
The report recommends a new life sciences vision similar to the plan developed by the UK Government in 2021.
According to the report's executive summary, "We think the life sciences sector should be central to our national growth as we diversify beyond reliance on primary industries. Australia's high-quality research institutions and strong public hospital system make it a good candidate for further investment. But in the absence of clear vision from government outlining priorities, Australia has not been a focus for life sciences investment."
The adoption of five themes with ten actionable recommendations has been recommended.
The themes are prevention to prepare for future threats, ensuring that no patient is left behind, accelerating equitable access to new medicines and vaccines, making Australia an attractive location for life sciences investment, and a net-zero health system.
The report says, "As our population ages, hospital admissions for complex chronic conditions increase. We also face workforce and productivity challenges across our health systems. The time is nigh for reforms that see us work more efficiently, making investments in prevention that have a multiplier effect and acting early to avoid expensive, late-stage interventions.
"The life sciences sector is poised to provide solutions (both medicines and vaccines) that support our national health and wealth. We are living in a period of unparalleled medical breakthroughs and innovations. New therapies are emerging for conditions previously considered untreatable. In order for Australians to enjoy the benefit of this innovation we must ensure Australians get timely and equitable access to the newest and best innovations."
The report says that an enhanced Government focus on the life sciences sector could help build its already significant presence in Australia.
The report's recommended actions include increased investment in preventative health, targets for adult vaccination levels, a novel funding arrangement to attract new antimicrobials, updated approaches to health technology assessment and ensuring accelerated funded access to new healthcare technologies, a target for public investment in research and development, and a net zero target for the health system.
"The life sciences sector is central to Australia's future and key to our economic growth as we diversify beyond reliance on primary industries. But without a clear vision and statement from government outlining priorities, we are unlikely to reach our full potential," said Anne Harris, the managing director of Pfizer Australia and New Zealand.
"We now call on the Australian Government to publicly affirm its commitment to life sciences. This will not only lead to the creation of jobs and wealth in Australia but also Australians gaining faster access to the innovative medicines and vaccines that are essential to our health and wellbeing as a nation.
"Central to this commitment should be bold reform of Health Technology Assessment (HTA) policies, methods and processes to ensure medicines are funded on the Pharmaceutical Benefits Scheme (PBS) within 60 days of Therapeutic Goods Administration (TGA) registration," said Ms Harris.
