In a pre-budget submission, AusBiotech and MTPConnect have called for new investment in strategic initiatives to boost Australia’s life sciences sector.
While Australia is a global leader in scientific research, ranking top ten on the Global Innovation Index, it has fallen to 30th for research outputs.
In their 2025-26 Pre-Budget submission, AusBiotech and MTPConnect argue for developing a National Life Sciences Strategy supported by creating a new National Life Sciences Council. They also recommend that the life sciences industry be recognised as a priority under the Future Made in Australia Act and for investment in data collection.
AusBiotech CEO Rebekah Cassidy said, “For too long, Australia’s life sciences policy landscape has left many of the potential health and economic benefits of our industry on the table.”
“Our nation’s life sciences industry – from our home grown SME’s to larger organisations - has the requisite expertise to develop, commercialise and manufacture new medical innovations to support the health of Australians, strengthen Australia’s economic resilience, and support our national health security priorities.
"With the global context continuing to change - from pandemics to supply chain resilience, chronic disease, aging populations, climate change, and geopolitical tension – the time is now for Australia to intentionally prioritise and support the growth of its life sciences sector.
“A unified whole of government national Life Sciences Strategy developed with the support of an expert Life Sciences Council is a necessary step. Making life sciences a priority sector under the Future Made in Australia Act will recognise the critical strategic importance of the life sciences industry and ensure the necessary level of focus, coordination, partnership and investment for future success.”
MTPConnect CEO Stuart Dignam said the joint submission lays out a plan for sensible investments and initiatives to better support the sector to realise its full economic and health potential.
"If we are serious about supporting homegrown medtech, biotech and pharma innovations, then broadening the Future Made in Australia plan to include life science is a must and will make a real difference for our start-ups and SMEs.
“A true National Life Sciences Council, bringing together industry expertise and whole-of-government clout will go a long way to ensuring we can address challenges, plug commercialisation gaps and build a fit-for-purpose workforce in a timely manner.
“It’s all about backing start-ups and SMEs to be able to bring their life-saving medical products from research labs to global markets which will drive resilient companies, a more robust economy and healthier communities,” he said.