A path for prosperity

AusBiotech plots a path for prosperity

AusBiotech chief Lorraine Chiroiu on the groundbreaking new blueprint for chasing biotech growth over the next decade

NADINE MCGRATH

Nadine McGrath Biotech research

It has been a milestone year for life sciences in Australia, with the industry’s representative body AusBiotech launching the Biotechnology Blueprint: A Decadal Strategy for the Australian Biotechnology Industry.

AusBiotech CEO Lorraine Chiroiu says the substantial blueprint is considered the most significant and comprehensive strategy ever developed for the Australian biotech industry by its members.

“Industry leaders worked on the blueprint and more than 300 organisations actively helped shape targeted tactics and what we need to see happen,” she said.

According to AusBiotech figures, the sector is one of Australia’s fastest growing and has grown 43% since 2019.

The number of companies undertaking biotech research and development has surged by 40% since 2019.

Employment in Australia’s biotech companies has also expanded, increasing 21% compared to 2019, from approximately 87,397 people to more than 105,000 in 2022.

“The Covid-19 pandemic has catapulted the sector into the global spotlight and given it a really strong boost,” said Chiroiu.

However, the industry is unique to others, particularly the length of time needed to get a product to market, she stresses.

“It’s rare in the business world to

QUICK FACTS

AusBiotech’s blueprint is considered the most significant and comprehensive strategy ever developed for the Australian biotech sector.

Australia’s biotechnology industry has grown 43% since 2019 while employment has increased 21%.

Biotech sector contributes to social good but has its challenges with companies often spending a long-time pre-revenue. it,” said Chiroiu.

The blueprint offers a framework for further developing the local life sciences industry over the next decade.

It has three overarching goals, including a more mature and vibrant ecosystem, an increased local and global standing, and becoming a more positive contributor to Australian prosperity.

Among the eight recommendations are calls for governmental support, reorienting commercialisation towards academia and industry partnerships, specific programs to help SMEs grow, and bolstering capital flow to the sector by $1 billion annually.

“We’ve ended up with a highlevel document of what the industry wants to achieve over the next decade and it also goes right down to

AusBiotech CEO Lorraine Chiroiu

“The pandemic has catapulted the sector into the global spotlight and given it a really strong boost”

have such a long-time pre-revenue and that makes it similar to the mining industry,” she said.

“But the mining industry is extracting rather than inventing so biotech stands as a contributor of social good from a health perspective along with business benefits.

“Eighty percent of our companies are sitting pre-revenue and are still early in their journey.”