AusBiotech says that while the 2025-26 Budget did not include significant new commitments for Australia’s life sciences sector, it remains steadfast in its advocacy to unlock this critical sector's full potential.
The association said the life sciences sector is central to the Government's economic priorities, with the potential to contribute to health security, sovereign capability in medical manufacturing, and economic diversification, backed by considerable competitive advantages.
"We welcome the continued investment in key industry programs, including the Industry Growth Program, National Reconstruction Fund, Cooperative Research Centres, and the research and development tax incentive," said AusBiotech.
"Additional funding of $10 million over four years has been allocated to CSIRO for gene technology research, and the first stage of a refit for the Australian Centre for Disease Preparedness has been approved. In the health portfolio, support remains for the Medical Research Future Fund and the National Health and Medical Research Council. However, it's also clear that R&D funding is not keeping pace with the need here in Australia," it said.
“While Australia is a global leader in scientific research, ranking in the top ten on the Global Innovation Index, we have fallen to 30th for research outputs. Now more than ever, Australia’s life sciences sector requires unified, coordinated, and collaborative representation between industry and government,” said AusBiotech CEO Rebekah Cassidy.
“The world is rapidly evolving, marked by geopolitical and trade shifts, supply chain challenges, pandemics, an ageing population, rising chronic disease, climate change. Australia’s thriving life sciences industry is a national asset that must be strengthened to support Australia’s economic resilience.
"The time is now to harness Australia's world-leading health and medical research, and continue building, scaling and retaining a globally competitive biotechnology and medical technology industry — one focused on translation, development, and commercialisation, supported by world-class manufacturing."
Australia’s life sciences sector has over 2,900 organisations delivering health innovations, improving and saving lives worldwide.
“Since 2016, cumulatively, the biotechnology and medical technology industry has been Australia’s highest value-added export industry outside of primary industries, making it a sleeping giant of Australia’s future economy,” said Ms Cassidy.
“There’s no doubt that the work of our members is crucial to the future health and wealth of our nation, and their capability is critical to our country’s ongoing health security. That’s why AusBiotech is focused on delivering a clear set of priorities to support the sector’s growth, both locally and globally."
AusBiotech's policy platform includes the development of a whole-of-government National Life Sciences Strategy, the creation of an Australian Life Sciences Council in partnership with industry and government, the recognition of life sciences as the next priority sector under the Future Made in Australia Act, and investment in data collection to drive innovation and improve policy and decision making.
"Against the backdrop of a rapidly evolving world there has never been a more critical time for a unified, cohesive partnership between industry and government. We are calling for a whole-of-government National Life Sciences Strategy — developed with support from an expert, industry-driven Life Sciences Council,” added Ms Cassidy.