Roundtable insights to shape biotech policies ahead of election

Medical: Research Australia partnered with biotech company Vaxxas to convene around 70 health innovators and government representatives to identify policy solutions that will support the uptake of Australian health innovations domestically.

The May Federal Budget announced a strategic examination of the nation’s R&D system. It is a necessary precursor to the creation of a strategic roadmap that can direct R&D in Australia and reverse the 14-year decline in investment that has left Australia uncompetitive and ill-equipped to meet its national ambitions.

The Policy Roundtable, hosted by the Australian National University, delved into the requirements for Australian enterprises to effectively transition from R&D to commercialisation.

Following this event, a Parliamentary Friends of Health and Medical Research gathering took place at Parliament House. Hosted by Speaker of the House of Representatives, Hon Milton Dick MP, this event celebrated Australian health innovation success stories and highlighted the sector’s potential to enhance national health and wealth.

“Australian health innovation represents 28% of all R&D activity. Australia is leading the world in many health technologies, bringing them to market is key to facilitating better commercial, economic and social outcomes for Australia and Australians,” said Nadia Levin, CEO & Managing Director of Research Australia.

She continued, “The Australian Government’s recently announced ‘A Future Made in Australia’ initiative [$22.7 billion] and the National Reconstruction Fund are welcome, innovative new public policies, but more can be done to drive Australian medical, biotech and health innovation for the benefit of Australians’ health and wealth.”

As it stands, there is nothing in the Future Made In Australia Innovation Fund for medical products, despite the lessons of COVID about the importance of manufacturing sovereignty.

“Today we put Australian health innovation on the national agenda,” Levin added.

Among the innovators was Vaxxas, known for developing a needle-free technology with its high-density microarray patch (HD-MAP), set to revolutionize vaccine delivery.

Vaxxas President and CEO, David Hoey, emphasised their commitment, saying “Vaxxas takes its role as a leader in Australian health innovation seriously. We want to do everything we can to support a flourishing national health innovation sector.

“We know firsthand the challenges Australian health innovators can face in accessing procurement and traversing complex regulatory pathways, among others. It’s great to be working with Research Australia to bring everyone together to identify policy solutions that can advance the whole sector.”

There is also a need for the government to ensure that all available MRFF funding reaches researchers. The Future Fund Board of Guardians allocated $973 million for grants through the Medical Research Future Fund (MRFF) for the 2024-25 financial year. However, the Federal Government has only budgeted for $650 million to be disbursed, mirroring the previous year where $870 million was available but capped at $650 million.

Insights from the Roundtable will be developed into policy proposals for future consideration by the government and all political parties at the Commonwealth level as we head to an election.

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