AusBiotech and MTPConnect have released a discussion paper ahead of the National Biotech and Medtech Development and Commercialisation Summit, which will be held on 19 November 2024 in Canberra.
Australia's life sciences sector is an essential part of the economy, supporting high-paying and skilled jobs, manufacturing exports, and the health and well-being of Australians.
The Australian Government recognises it as a critical sector essential for Australia’s future. Yet, while we are in the top ten globally for research, we slip down to 30th for translating and commercialising that research.
The upcoming National Biotech and Medtech Development and Commercialisation Summit will see AusBiotech and MTPConnect gather some of the country’s most senior medtech, biotech and pharma industry leaders to tackle the challenges of supercharging the 'D' in Australia’s health and medical R&D strategies.
The joint discussion paper unpacks Australian and global policy contexts, stubborn industry challenges, and barriers to achieving robust 'Development and Commercialisation' outcomes.
“Australia is already recognised as a global incubator for outstanding medical research. How we build upon that to also be recognised for our capacity to translate, develop and commercialise those ideas to build more great Australian companies is the opportunity we need to harness,” said AusBiotech CEO Rebekah Cassidy.
“The time is now for Australia to realise the potential of its growing biotech and medtech sector. By advancing our life sciences industry, bringing innovations to market quicker, ensuring we have the Australian based skills and capability we need to succeed – we can play a greater role in securing the health of Australians and our national competitive advantage.”
MTPConnect CEO Stuart Dignam said the discussion paper and Summit aim to harness industry insights and create a united voice for the government ahead of the 2025 election.
“Medical products are one of Australia’s most significant value-add exports, but gaps in biomedical and medical technology product development limit our ability to fully realise the commercial potential of our innovation prowess,” said Mr Dignam.
“The Summit will explore issues ranging from supply chain vulnerabilities and sovereign capabilities to access to capital and people with the right skills to ensure our start-ups and SMEs can grow and scale. We look forward to engaging with Australia’s industry experts, innovators and policy makers in robust discussions on ways to drive growth of our sector,” he said.
The organisations said the dynamic global and national environments underscore the need for intentional, unified solutions to help grow Australia’s life sciences sector.