AusBiotech has welcomed the official launch of the Albanese Government's review of Australia’s research and development.
A panel will oversee the review. The panel will be led by Tesla chair Robyn Denholm, with Emeritus Professor Ian Chubb AC, Professor Fiona Wood AO, and Dr Kate Cornick.
Professor Chubb is the former Vice Chancellor of Australia National University, Australia's former Chief Scientist, current Chair of the Health and Medical Advisory Group and Fellow of the Australian Academy of Science, and previously served as a member of the Medicines Australia Advisory Council.
At a press conference, Industry Minister Ed Husic said, "R&D investment is one of those things that drives future economic strength. Intellectual property, ideas, will drive, sustain, strengthen economies. Ideas, innovation, know how matters, and R&D is something that we should be pressing for in our country and to improve the way we invest in it.
"Over the last 20 years, and especially the last decade, our performance has been slipping. There has not been a thorough comprehensive examination of what has happened and how we can improve things. This is particularly concerning for Australia, because we're a scientific powerhouse. Our researchers regularly come up with new know-how that changes the world, not just for Australians but for people across the globe."
"We also want to review why our strong performance in science is not translating into a stronger R&D performance. What's holding us back? How can we link up business, academia and government much more powerfully? It's going to be a big job, because there are big, difficult questions to answer, but I'm confident we've chosen the right panel to help drive this examination," said Minister Husic.
The review's terms of reference will consider maximising the value of existing investment in R&D, across government, universities, philanthropy and industry; strengthen linkages between research and industry; support the achievement of national priorities; drive greater R&D investment by industry, and boost industry adoption of innovation; and, uplift Australia’s overall R&D intensity.
The review is due to report by the end of 2025.
AusBiotech CEO Rebekah Cassidy 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.”