The title, ‘Ambitious Australia’, is an accurate reflection of our challenge – there’s no time to waste and boldness is the order of the day.
The report recognises simultaneously that we need to arrest the long-term decline in research funding and get much better at translation and commercialisation to get more value out of our research.
Life sciences, covering medical technology, biotechnology and pharmaceutical innovation, is one of the most under-leveraged strengths of the Australian economy and while well-positioned for success, unique challenges exist in realising the full commercial and local manufacturing potential of our innovative ideas.
Funding for commercialisation support for early-stage companies, building sector capabilities, cementing collaborations between industry and research and building durable international partners to open-up new markets are initiatives which can make a real difference in bringing life-saving medical products from ‘bench to bedside’ and they’re exactly what ‘Ambitious Australia’ talks about.
Key points:
The review panel, led by Robyn Denholm with Emeritus Professor Ian Chubb, Professor Fiona Wood AO and Dr Kate Cornick have consulted widely and well, with the R&D realities on the ground reflected in their report.
Consistent with an ambitious agenda, it’s now time for rapid implementation.