AusBiotech applauds launch of Medical Science Co-Investment Plan to boost biotech sector

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AusBiotech has welcomed the launch of the Medical Science Co-Investment Plan, which pinpoints four primary investment areas in the medical science domain: medical devices, complex therapeutics, digital health, and sustainability.

The unveiling of the Medical Science Co-Investment Plan signifies the initiation of the first of seven publications, garnering praise from industry stakeholders for its recognition of the sector’s intrinsic value drivers and prevailing market challenges, the company said in a news release.

Expressing enthusiasm for the announcement, AusBiotech’s Interim Chair, Dr James Campbell, welcomed the initiative by Industry and Science Minister, Ed Husic and Health and Aged Care Minister, Mark Butler.

Dr Campbell remarked, “The Co-Investment Plan outlines the unique environment that companies developing life-enhancing and life-saving technologies operate in, and is a strong indicator to investors of the areas of opportunity where Australia can diversify and grow its manufacturing capabilities.”

“Australia’s biotechnology industry has grown 40 per cent in the past two years, reinforcing the knowledge-based sector’s economic and social value and potential to Australia and Australians,” Dr Campbell added, stressing the necessity for risk-tolerant capital to facilitate the expansion of small and medium-sized enterprises.

The action statement of the Co-Investment Plan articulates a comprehensive mission for the medical science priority area, aimed at enhancing Australia’s industrial capacity, supporting product commercialisation, and bolstering the international competitiveness of the medical science and technology sector.

Outlined within the Plan are four focal investment areas: medical devices, complex therapeutics, digital health, and sustainability.

Additionally, six capability areas have been identified to advance the overarching mission, including skills availability, collaboration, supply chain diversification, research translation, and regulation enhancement.

The Plan also underscores manufacturing opportunities encompassing a wide array of therapeutic products, advocating for enhanced academia-industry pathways, digitally enabled product development, and national coordination within the medical ecosystem.