An Australian-first ‘gold standard’ framework has been developed to ensure health and medical discoveries can be fast-tracked to commercialisation, through a partnership between AusBiotech, the University of Sydney’s Faculty of Medicine and Health, and the University of Sydney Business School.
Ten recommendations and two proposals have been developed to encourage the translation of health and medical research, and overcome collaboration barriers. Transcending individual companies and institutions, the opportunities outlined in the new Accelerating Health and Medical Research Commercialisation in Australia report (the framework) offer an opportunity to improve industry-university partnerships in the post-COVID period.
The framework includes short and long-term recommendations that focus on identifying positive changes that would enable industry to access emerging intellectual property, evaluate its commercial potential, strengthen collaborations and grow a skilled workforce.
Launching the framework, Professor Robyn Ward AM, Executive Dean and Pro Vice-Chancellor Medicine and Health at University of Sydney said, “Our vision is to establish a hub for the health and medical industry that transforms Australia’s research and commercialisation capabilities by developing a gold-standard in which the private sector and universities co-design and co-invest.”
“Our universities are already contributing billions of dollars to the national economy and growing the health workforce, further collaboration between our leading researchers and prominent industry players will strengthen this and fast-track medical discoveries that could make a huge difference in people’s lives.”
The recommendations align with AusBiotech’s Biotechnology Blueprint: A Decadal Strategy for the Australian Biotechnology Industry, the decadal plan that has been written by industry, for industry. Currently open for sector-wide consultation, the strategy charts an aspirational pathway to how the biotech industry can help solve problems and generate the long-term economic growth and social capital that will be needed as we emerge from the current pandemic.
AusBiotech’s CEO Lorraine Chiroiu said “The Biotechnology Blueprint has clearly articulated that creating strong and effective partnerships between the Australia’s biotechnology industry and universities will significantly contribute to commercialising high-quality ideas, and to creating a better connected and more vibrant community.”
“This industry-academia framework is an important step towards that, as it identifies opportunities for the entire community – from bench to bedside – and aims to nurture an agile, nimble and interconnected environment that is able to consistently create and grow high-value biotech companies.”
To develop the ‘gold standard’ framework, wide consultation brought together cross-disciplinary expertise, with almost 100 industry leaders, and government and academic stakeholders engaged, and coupled with benchmarking international institutions that successfully co-located with researchers, start-ups and business incubators to deliver rapid innovation through the convergence of skills, perspectives and resources.
Explore the recommendations and read the full report here.