Tackling Australia’s commercialisation lag: Summit to shape sector-led solutions ahead of election

Biotech News: Australia ranks 26 out of 34 OECD countries when it comes to commercialising innovations, despite ranking among the top ten globally for research.

AusBiotech and MTPConnect have released a discussion paper ahead of an upcoming National Biotech and Medtech Development and Commercialisation Summit, set for 19 November 2024 in Canberra.

The Summit will bring together some of the country’s leading figures in medtech, biotech, and pharma to address the critical challenge of accelerating the development phase of Australia’s health and medical R&D strategies.

The discussion paper outlines both Australian and global policy contexts, examines persistent industry challenges, and identifies the barriers hindering successful development and commercialisation. It can typically take 7–15 years and up to $2.5 billion to bring one biomedical product from early research to market, with little or no revenue.

“Australia is already recognised as a global incubator for outstanding medical research. How we build upon that to also be recognised for our capacity to translate, develop and commercialise those ideas to build more great Australian companies is the opportunity we need to harness,” said Rebekah Cassidy, CEO of AusBiotech.

“The time is now for Australia to realise the potential of its growing biotech and medtech sector. By advancing our life sciences industry, bringing innovations to market quicker, and ensuring we have the Australian-based skills and capabilities we need to succeed, we can play a greater role in securing the health of Australians and strengthening our national competitive advantage.”

Stuart Dignam, CEO of MTPConnect, emphasised that the discussion paper and the Summit aim to harness industry insights and present a united voice to government ahead of the 2025 election.

“Medical products are one of Australia’s most significant value-add exports, but gaps in biomedical and medical technology product development limit our ability to fully realise the commercial potential of our innovation prowess,” Dignam said.

“The Summit will explore key issues such as supply chain vulnerabilities, sovereign capabilities, access to capital, and the need for skilled personnel to ensure our start-ups and SMEs can grow and scale. We look forward to engaging with Australia’s industry experts, innovators, and policymakers in robust discussions about how to drive growth in our sector.”

On the global stage, the life sciences industry plays a crucial role in driving economic productivity and addressing multiple societal challenges, including pandemic preparedness, chronic disease management, aging populations, climate change, health equity, and geopolitical tensions.

The rapidly changing global and national landscape underscores the need for coordinated and proactive solutions to strengthen Australia’s life sciences sector.

The Summit provides a unique opportunity in the run up to the next Federal election. It is the first time that so many senior leaders within our industry have come together to tackle these critical issues. The insights and collective experience of industry will be harnessed to arrive at solutions that are both sector-led and -owned and those that require government support, creating a clear roadmap and a crystalised voice to government.

Both AusBiotech and MTPConnect are encouraging stakeholders to actively engage in shaping the Summit’s discussions. Attendees are encouraged to read the discussion paper in advance to fully participate on the day.

For those unable to attend but wishing to contribute their views, an industry-wide survey is available and will close on the evening of Friday, 22 November 2024.

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