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Highlights
- COVID-19 has been a stark reminder of the fact that biotechnology will be needed in future to face uncertain health crises
- Australia's biotechnology sector has united to launch the Biotechnology Blueprint: A Decadal Strategy for the Australian biotechnology industry
- The blueprint focuses on a solution-based approach and addresses issues faced by the industry
Undoubtedly, COVID-19 ended up exposing the crack within the current healthcare system running across countries. It has taught us how significant it is to stay prepared to deal with uncertain health threats. In such a scenario, biotechnology can serve as an effective tool in drug discovery and treatment for any upcoming disease or health crisis. Hence, it makes sense to plan a right strategy in the present in order to build a biotech industry for the coming decade.
Fortunately, some significant steps are being taken in this direction. Australia's biotechnology sector has recently launched ‘the Biotechnology Blueprint: A Decadal Strategy for the Australian Biotechnology Industry’ -- a decadal plan recognising the essential steps in the future.
Much of the development work of the blueprint has been led by AusBiotech over the past two years. AusBiotech is a life sciences organisation representing and advocating for organisations dealing in the global life sciences economy.
The blueprint has been prepared utilising contributions from a well-connected network of over 3,000 members, who have worked for more than 35 years in the life sciences sector, including therapeutics, medical technology (devices and diagnostics), digital health, and agri-biotech.
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It is in line with the new 'Biotechnology in Australia - Strategic Plan for Health and Medicine' announced by the Federal Department of Health as part of the 2022-23 Budget.
The eight major areas of focus from the Biotechnology Blueprint are as follows:
Both academia and industry commercialisation through incentivising partnerships, addressing key gaps, building awareness of roles, values, and capabilities, and supporting collaborative structures.
Companies should be allowed to create value in Australia by ensuring access to diverse capital bases and incentives. For this, programmes should be in place to facilitate the transition of small companies into medium-sized ones and medium companies into large ones. Skill gaps and capabilities must also be addressed.
Australian operating environment must be raised to a standard that matches overseas peers. It can be done using initiatives from the government and industry while remaining open and accessible for inward investment.
The biotechnology sector must be built to have the autonomous capability for manufacturing, scale-up, and product development expertise. A strong service industry must facilitate it, which enables local sourcing and partnering.
Contribution made by the biotechnology sector must be acknowledged. It must include the delivery of aligned metrics and reporting on the progress of the blueprint.
Increasing the flow of capital to the biotechnology sector by AU$1 billion annually: This can be done by diversifying and addressing the gaps in access to capital across a variety of industry organisations
Proactive and resource initiatives must be used to address the gaps in accessing appropriate skills and talent. The growth of the industry largely relies on retaining core talent.
Deliver consistent momentum on the blueprint recommendations, with shared accountability, utilising aligned metrics and evidence-based decision-making to guide modifications and updates.
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