Biocurious: With its pre-budget ‘wish list’, Ausbiotech prepares to bat for the sector in Canberra

Ausbiotech hopes to score some quick runs with a pre-budget submission on ways to fix the sector’s “stubborn issues”.

Hit 'em for six! Ausbiotech hatches its advocacy plans. Pic via Getty Images

• Ausbiotech is developing a pre-budget wish list to tackle the sector’s “stubborn issues”

• CEO Bek Cassidy says the sector’s record at commercialising products is better than portrayed, but it still needs some help.

• No fewer than 2900 organisations are involved in the sector – double the level of seven years ago.

Ausbiotech CEO Rebekah Cassidy baulks at the oft-spouted notion that Australian biotechs are excellent at research, but not so flash at bringing products to market.

“It’s an outdated narrative that does does not serve this sector well,” she says.

“It’s not borne by the evidence … I could very easily pull together a room of Australian experts working in very large companies to very small ones that have deep health development and commercialisation skills.”

That said, she acknowledges more needs to be done to ensure the work of the thriving biomedical sector comes out the other end.

“We would like to enter a new conversation with government about the opportunity for policy settings that would make that big difference,” Cassidy says.

“There's an opportunity for a national strategy to support the growth of the sector and those conversations will be had in 2025.”

A hotbed of activity across 2900 organisations

Research on behalf of Ausbiotech shows that the 150 or so ASX-listed life science companies are merely the tip of the iceberg of a sector consisting of 2900 organisations – double the level of seven years ago.

These include 1600 companies ranging from university spin-outs to global champions such as CSL (ASX:CSL), Cochlear (ASX:COH) and the up-and-up Telix Pharmaceuticals (ASX:TLX) and ProMedicus (ASX:PME).

Of these, 900 are medtech developers while 690 are in the drug development milieu.

The local medical research sector employs more than 350,000 people. Yet for every $1 invested in the US biomedical sector, only four cents is invested here.

Australia ranks 26 out of 34 OECD (industrialised) countries for commercialising innovations.

Given that, one of Ausbiotech’s priorities for 2025 is to ensure the sector’s competitive advantages – including a skilled workforce, a trusted regulatory system and quality – infrastructure – are better tapped.

Too many cooks

One issue is that the sector has straddled several government portfolios and ministers. While biotech is on the list of seven national critical technologies, there’s a lack of a cohesive national strategy.

“We are a little bit health, a little bit industry and a little bit 'future made in Australia',” Cassidy says.

“We are present and relevant across multiple portfolios and what can happen is that a sector can fall through the gaps a bit.”

Cassidy says Australia has the right settings, "with extraordinary medical research institutions and universities and large anchors (companies such as CSL)".

Positive signals

While it’s incumbent on the industry itself to tap the opportunities, the reality is that government support is crucial for a sector that inherently will result in more flops than successes.

Cassidy says the signs are positive, with biotech federally cited as one of seven national “critical technologies”.

In pure financial terms, the federal research and development tax incentive – set at the corporate tax rate plus 18.5% – is hugely appreciated by early-stage biotechs.

“ has sent multiple signals that this is a very important sector for the future of the nation’s economy,” Cassidy says.

“Parliamentarians are open door about wanting to discuss the future of biotechnology in Australia and how it can be fostered.”

Ausbiotech’s pre-budget wish list

Ausbiotech is working feverishly on a pre federal budget submission that touches on how a national strategy might unfold – bearing in mind Treasury’s annual show-and-tell might come in March (not May, as per tradition) to clear the way for an election.

While not wanting to pre-empt the document, Cassidy says it will address issues such as workforce development, capability building and attracting investors.

The work will “stand on the shoulders” of the organisation’s 2022 biotech blueprint decadal plan, which drew on the musings of 350 individuals and organisations to tackle the “well-articulated, stubborn issues that the industry has grappled with for years.”

These include access to capital to fuel commercialisation, clinical development and growth, addressing  gaps in technology transfer and commercialisation support and incentives and structural supports.

These imperatives were echoed in the government’s Biotech in Australia Plan, under the auspices of then coalition health minister Greg Hunt.

But it’s clear the policy work needs a good-dusting-off.

“There have been significant changes since that good work was done and we need to bring our ‘policy asks’ up to date,” Cassidy says.

“A national strategy owned by multiple departments can help to transcend that.”

Uniting a cacophony of voices

The sector’s peak organisation, Ausbiotech has 3000 individual members, representing research institutes, universities, spin outs, small to mid sized enterprises, service providers, larger companies and even other industry associates and government bodies.

“It can be very confusing for a policymaker if they are getting different voices from different parts of the sector,” Cassidy says.

“That makes it incumbent on Ausbiotech to be a super collaborator, we must collaborate broad to represent our members voices effectively.”

Appointed as Ausbiotech’s CEO in May 2024, Cassidy has broad sector experience, including as deputy head of corporate affairs and sustainability for drug giant Sanofi’s local arm.

In an election year, Cassidy will need all of those PR skills to extract solid results from a government pre-occupied with the cost of living problem.

But at least supporting a life-saving sector won't exactly lose votes.

Originally published as Biocurious: With its pre-budget ‘wish list’, Ausbiotech prepares to bat for the sector in Canberra