First national summit calls for unified strategy to reshape local biotech and medtech sectors

The National Biotech and Medtech Development and Commercialisation Summit 2024 convenes today in Canberra, bringing together over 100 of Australia’s top industry leaders, policy experts, and innovators. This event aims to forge a unified voice to reshape the future of the biotech and medtech sectors.

Despite being ranked among the top ten globally for research, Australia lags in commercialisation of innovations, placing 26th out of 34 OECD countries.

A recent discussion paper launched by AusBiotech and MTPConnect highlights the persistent barriers that hinder successful development and commercialisation. On average, it takes 7–15 years and up to $2.5 billion to bring a single biomedical product from research to market, often with little or no revenue during this lengthy process.

AusBiotech CEO Rebekah Cassidy emphasised the Summit’s significance amid changing dynamics for the life sciences companies.

“The factors influencing life sciences investment and growth are changing rapidly, which is why it’s crucial that AusBiotech leverage its national convening power to elevate the sector’s voice and lead evidenced-based policy discussions.

“Now is the time for a unified strategy and roadmap focused on enhancing industry’s development and commercialisation capabilities to bring more life-changing medical innovations to market,” she said.

MTPConnect CEO Stuart Dignam echoed the need for a cohesive strategy to drive commercial success.

“We need a coordinated strategy for backing life sciences innovation and supporting startups and SMEs through the difficult early years of innovation so we capture more opportunities to develop and commercialise sovereign medical products that create jobs, exports and health improvements,” he said.

In a recent interview with Health Industry Hub, Dr Gisela Mautner, CEO of Noxopharm acknowledged the local barriers, particularly in comparison to the global biotech scene, and stressed the urgency of addressing these issues.

“The key challenge is securing access to funding both initially and also on an ongoing basis. The industry has very long development cycles which are often attempted with no revenue,” she said.

As the nation grapples with global challenges such as pandemics, supply chain vulnerabilities, an aging population, and the push for health equity, the life sciences sector is positioned as a critical pillar for ensuring both health and economic security. With biotechnology now recognised as a critical technology field by the Australian government, the Summit serves as a timely opportunity to galvanise support for this vital industry.

The Summit will explore strategies to address key issues, such as strengthening health security, overcoming the “valleys of death” that hinder commercialisation, and increasing the availability and effective deployment of capital to scale biotech and medtech organisations. It will also focus on addressing skills gaps to build a workforce capable of supporting a mature and globally competitive ecosystem.

Ahead of the federal election, a joint communiqué and white paper will be developed to provide a clear roadmap to align policies, funding, and capabilities in accelerating the commercialisation of innovations and position the nation as a global leader in biotech and medtech.

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