The NSW Government is investing $3 million in NSW’s innovation ecosystem to accelerate to market products that are addressing the impact of COVID-19.
This investment forms part of NSW’s new Innovation District R&D Challenges and is part of the NSW Government’s broader $11 million COVID-19 stimulus commitment for commercialisation of research products.
The announcement is also a result of the NSW Accelerating R&D Commercialisation Advisory Council. Earlier, AusBiotech brought 20 companies together to discuss policy opportunities for the life sciences sector with Hon. Gabrielle Upton MP, Parliamentary Secretary to the Premier, who has been tasked with accelerating R&D investment.
Lorraine Chiroiu, CEO of AusBiotech, says, “We welcome the further investment into the life sciences sector, and also encourage the support of the longer-term ideas discussed at our policy roundtable in order for a comprehensive innovation framework to be built.”
As part of the new programme, the universities and CSIRO will invite submissions; an independent panel will assess the nominations.
Stuart Ayres, Minister for Jobs, Investment, Tourism and Western Sydney, said the 11 universities and CSIRO in NSW had already shared in the first injection of $1 million to kick start the Innovation Districts R&D Challenge, with $500,000 to follow.
AusBiotech’s Sector Snapshot 2019 revealed that New South Wales is a critical life science hub in Australia, with 652 organisations (around 35 per cent), employing more than 88,000 people.
For further information, contact Dr Peter French, AusBiotech’s Industry Development Manager NSW.