News & Trends - Biotechnology

AusBiotech roundtable to accelerate R&D

Health Industry Hub | April 29, 2020 |
[Total: 1    Average: 5/5]

Biotech News: Almost 20 companies joined AusBiotech’s policy roundtable to discuss opportunities in NSW with the Hon. Gabrielle Upton MP, Parliamentary Secretary to the Premier, who has been tasked with accelerating R&D investment.

Ideas included developing a roadmap to highlight the work and support already being offered in NSW, driving innovation through procurement, and increasing life science literacy and engagement between Government and industry.

NSW holds a great deal of leading science, but companies can find it difficult to identify support at key inflection points. While staying relevant is a barrier, a NSW roadmap was offered to Ms Upton as a practical and key information source for industry. The roadmap could hold information on how the NSW government assists the innovation ecosystem, where to go to find out about regulatory requirements, and what tools (such as grants and funding mechanisms) are available to organisations at different stages of their commercialisation process.

Register FREE and join 22,000+ industry professionals receiving the latest industry news and engaging content from Health Industry Hub, the ONLY one-stop-hub connecting Australia’s Pharma, MedTech and Biotech industry professionals.

The importance of procurement was highlighted, and the opportunity to drive innovation and local economic development through it. A discussion on how to encourage businesses to stay in NSW cities and regions considered the idea of adding weighting to procurement applications from local companies, in recognition to those who are investing in their states. Procurement criteria could also consider applications from a broader, holistic perspective, taking into account innovation and health benefits further down the care journey, together with the cost value. Encouraging local innovation through procurement would also help to facilitate greater international growth by demonstrating homegrown success metrics.

Building life science literacy was highlighted as a key near-term opportunity available to the State. Biotech science being researched and developed, and the pathway to market, is complex, and building Government’s capabilities during a period when we cannot fly internationally demonstrates agile leadership. AusBiotech will work to deliver a Science & Research Breakfast Seminar and increase the awareness and promote the understanding of biotech’s investment and growth potential.

You may also like PRIME Awards 2020 call for entries – the only awards program dedicated to recognising excellence within Australian healthcare communications, is now open for entries.

AusBiotech also raised the opportunity with Ms Upton to have a life science representative on the Council advising Government on R&D in NSW.

NSW has shown a commitment to life sciences, with strong support of AusBiotech’s annual BIO delegation and showcasing NSW innovation on the Australian Pavilion, launching the NSW Medical Technology Industry Development Strategy 2018  to promote further growth and innovation in the industry, and featuring biotech throughout its report NSW 2040 Economic Blueprint Investing in the state’s future.

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. New South Wales also holds more medical technology & digital health (152) and food & agriculture (96) companies than any other state in Australia. According to the NSW Innovation and Productivity Council’s 2019 Scorecard, approximately $11 billion was invested in R&D in NSW in 2018, equivalent to 1.9% of the Gross State Product (GSP).

The Accelerating R&D in NSW Initiative will deliver a Plan of Action in 2020 for making NSW the R&D leader within Australia and a world-class contributor and will complement existing NSW Government strategies.

About the author

About the author

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam luctus finibus scelerisque. Nunc bibendum ipsum sed augue fringilla fringilla. Nullam at consectetur leo. Praesent viverra rutrum porta. Quisque vitae mi vel purus vulputate tincidunt. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Suspendisse et mi quis nisi rhoncus feugiat at ac tellus. Sed aliquam sodales nulla ac auctor. Sed pretium lobortis purus accumsan ullamcorper. Phasellus sodales vel odio in lobortis. Duis maximus sagittis bibendum. Interdum et malesuada fames ac ante ipsum primis in faucibus. Nunc dictum tincidunt ipsum in vestibulum. Donec ut sem consectetur, aliquam quam vitae, pharetra orci. Nam egestas non velit eu rhoncus. Duis congue neque non lacus tincidunt porta. Vestibulum ultricies pulvinar sem, molestie congue dui aliquet non.
  • Ut imperdiet leo id lorem fermentum consectetur.
  • Ut vitae orci et dui varius tincidunt.
  • Ut id magna non libero vestibulum pharetra ac faucibus nulla.
Aliquam erat volutpat. Vestibulum vitae varius diam. Nulla eget congue ante. Nunc ullamcorper sagittis augue vel dictum. Mauris finibus nibh ut pulvinar auctor. Vestibulum ut faucibus nisi. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Quisque porta tortor ac justo malesuada elementum. Nulla tellus ante, cursus nec ex sit amet, suscipit bibendum arcu. Duis posuere orci dui, et mollis enim dictum at. Sed ullamcorper, sapien ut vulputate viverra, sem purus porttitor tellus, nec mattis mauris ligula sed risus. Nulla sagittis id ipsum eu mattis. Link to full profile

News & Trends - Medical Technology

MedTech News - Private health insurer looking to invest in Australian private hospitals

Private health insurer looking to invest in Australian private hospitals

Health Industry Hub | July 15, 2020 |

MedTech News: In a recent opinion piece Dr Bill Coote, former AMA Secretary General and former Director of the Medicare […]


News & Trends - Pharmaceuticals

Pharma News - Merck Australia supports the first Australian-developed COVID-19 vaccine - Sypharma and Vaxine

Merck Australia supports the first Australian-developed COVID-19 vaccine

Health Industry Hub | July 15, 2020 |

Pharma News: Sypharma, an Australian biopharmaceutical formulation company, announced manufacturing of COVAX-19 and Advax adjuvant for Covid-19 in partnership with […]


News & Trends - Pharmaceuticals

Pharma News - Precision prescribing to combat Australia’s expected surge in mental illness

Precision prescribing to combat Australia’s expected surge in mental illness

Health Industry Hub | July 15, 2020 |

Pharma News: COVID-19 social isolation, familial and community disconnection, shock, job loss and health fears create the perfect storm for […]



Medical Pharma Biotech MedTech - $47M accelerator program for MedTech, Biotech and Pharma sectors in diabetes and cardiovascular disease

$47M accelerator program for MedTech, Biotech and Pharma sectors in diabetes and cardiovascular disease

Health Industry Hub | July 15, 2020 |

Medical News: The operation of the Australian Government’s $47 million Targeted Translation Research Accelerator (TTRA) initiative for diabetes and cardiovascular […]