Industry and Science Minister Ed Husic and Health Minster Mark Butler have released what is titled a manufacturing co-investment plan for medical science, the first of the National Reconstruction Fund priorities.
The statement sets out four medical science “investment opportunities,”
- digital health
- medical devices
- complex therapeutics
- “sustainability” (specifying manufacturing, “circular economy principles,” preventative healthcare” and “sustainable production.”
So what’s the plan? Government and industry action in six areas is the answer,
- “Skills and capability availability.” “the government is committed to building a skilled and adaptable workforce” including by “a better migration system focused on skills gaps”
- Demand: government can increase it at home and Austrade is important to exports
- Collaboration and coordination: “by connecting key players and finding synergies through precincts, Australia’s medical science industry can build critical mass … government and industry could do more.”
- Supply chain diversification: businesses facing high export competition should increase domestic capability. Those with domestic capability should export
- Regulation and business settings: stakeholders point to cost, time “and ease” of regulatory approval. The system should promote competition “so that industries can grow”
- Translation and commercialisation: “de-risking translational activities and incentivising later stages of clinical development in Australia can attract investors and support the growth of small businesses and start-ups. “ (But how?)
The Government also proposes embedding translational facilities within healthcare settings and innovation precincts, “to support clinician-led innovation” and improving access to translation facilities – including building capability in university technology offices.
Winning ideas all; as long as international competitors aren’t already on to them. And some detail would be good.
