2020 CEO Survey: Paul Perrault, CSL

The need for a robust, sustainably funded scientific community has never been stronger, says CSL chief Paul Perrault.

What are the three enduring lessons or changes to flow from COVID-19?

We are more resilient and adaptable than we ever imagine ourselves to be.

From the outset of the pandemic, we witnessed major cracks in our global health systems. These weaknesses will become a guiding force to better equip our world in the face of future pandemics.

A crisis breeds trailblazers and ingenuity, and the acceleration of solutions to treat and prevent COVID-19 has been truly inspirational. We must harness the best of the universal co-operation that has emerged and tailor it to fit a post-COVID-19 world. What has been developed this year alone will have significant benefit for humanity for years to come.

How would you rate the shape of the Australian economy as we head into the new year?

In recent history Australia has managed to weather the worst of the global economic storms relatively well. Even so, while showing signs of recovery, there will be a residual struggle right around the world and it will be a tough road to recovery. Australia can’t rest on its laurels but the country does have a strong foundation to steady the recovery.

What three reforms are needed to sustainably grow the economy?

Nurture Australia’s world-class medical research and development community. The need for a robust, sustainably funded scientific community has never been stronger. There are compelling economic reasons to invest in science. Australia punches well above its weight when it comes to science and medical research — but ideas often go offshore before they can provide an economic return on investment to taxpayers.

A globally competitive business environment that drives growth and investment well beyond the pandemic is a must. This means introducing market-based mechanisms such as intellectual property based tax incentives for medical research that support small and large companies and allows Australia to compete with countries like the UK, Switzerland, Singapore and others.

Incentivising research commercialisation will provide benefits beyond tax revenue; it will build onshore medical manufacturing capacity, drive productivity, create jobs, develop a highly skilled workforce and the associated supply chains.

What are the three best growth opportunities for your company in 2021?

We will continue to invest, as we always have, in innovation – we have some great potential in our R&D pipeline and will steward this into products to meet unmet needs for people suffering serious diseases.

We will continue to focus on our core priorities and to drive efficiencies right across our global manufacturing network. We are not shying away from scaling up to meet future demand – for example we have just announced our intention to build an $800m state-of-the-art influenza vaccine facility in Melbourne.

We’re working out how we can capture the best of the company’s response to the pandemic, and embed those learnings into a culture of resilience and innovation.

What impact will digital transformation have on your company?

We’re of the view that a digitally fit workforce starts with the mindset of our employees, and that has informed our starting point. For us it’s also about tapping into what has been accelerated by the pandemic – for example with the behaviours and experiences of patients that rely on our medicines – and adjusting our own timetables for change.

We’re also challenging ourselves, particularly for our office based workers, to be less concerned about where we are working, and focusing more on how we are working.

How would you rate business, state and federal government performance this year?

Australia’s pandemic response has clearly been driven by a deep concern – both at a state and national level – for the safety and wellbeing of the Australian people. While it hasn’t been an easy ride for anyone, Australia is demonstrably in an enviable position right now. The biggest test will be the long-term economic recovery – but focus and support in the right areas will reap benefits.