🧬 Biotech blues
Biotechnology executives fear Australia is not making the most of its natural strengths in the highly lucrative industry, where we have a long history of success.
Despite the fact that health and medical research is one area where Australia clearly outperforms on the world stage, leading biotech investors and executives are concerned we could squander our natural strengths in the sector.
Australia ranks seventh globally in this research area, according to the government, and has produced one genuine global biotech titan, $130 billion behemoth CSL (not to mention $20 billion ear implant maker Cochlear and $27 billion sleep device company ResMed).
But the sector still only accounts for 0.3% of GDP, and Brandon Capital partner and co-founder Chris Nave reckons it's Australia’s biggest lost opportunity.
Last week, Minister for Industry and Science Ed Husic agreed, announcing the government’s Medical Science Co-investment Plan. It lays out ways to build on Australia’s existing advantages in clinical trial capabilities and world-leading therapeutic expertise in oncology, immunology, neurology and cardiovascular disease.
