AusBiotech 2024 Opening Ceremony: From Local to Global – Shaping the Future of Life Sciences and Biotech in Australia

The opening ceremony of AusBiotech 2024 marked a significant moment for the Australian life sciences sector, with CEO Rebekah Cassidy expressing pride in the industry’s growth and its pivotal role in the nation’s economic and social landscape. Cassidy highlighted the presence of over 2,900 organizations, including nearly 1,600 biotech and medtech companies, and acknowledged the advancements in medical research that are saving lives both domestically and globally. The Hon. Mark Butler MP emphasized the need for growth in medical manufacturing and the government’s commitment to supporting health innovators, while Uncle Ian Hunter, a Wurundjeri Elder, delivered a heartfelt Welcome to Country, reinforcing the importance of cultural recognition and respect for Australia’s First Nations peoples. The ceremony set the stage for an engaging conference focused on the future of life sciences in Australia.

AusBiotech CEO Rebekah Cassidy Officially Opens AusBiotech 2024: Celebrating Growth and Innovation in the Life Sciences Sector

Rebekah Cassidy, CEO of AusBiotech Ltd, officially opened the ceremony, expressing her pride in the Australian life sciences sector, emphasizing its importance for the nation’s economic and social future. She highlighted the sector’s growth, noting that there are over 2,900 organizations in Australia, including nearly 1,600 biotech and medtech companies, and that the market capitalization of life sciences companies listed on the ASX has reached $320 billion. Cassidy acknowledged the contributions of many individuals in the room who are making significant advancements in medical research and innovations, which are saving lives both domestically and globally.

Cassidy underscored Australia’s position as a global leader in medical research and the need to enhance its ability to translate this research into commercial successes. She discussed the growing significance of safe and rapid access to medical innovations, especially in light of recent global challenges such as the COVID-19 pandemic. The upcoming conference will address critical policy issues affecting the sector, including national health security, supply chain resilience, and workforce capabilities. Cassidy called for active engagement from attendees in discussions that will shape the future of the life sciences industry in Australia. Concluding with thanks and acknowledgement to major sponsors, exhibitors, and the Victorian government for their support, Cassidy went on to officially open AusBiotech 2024. 

The Hon. Mark Butler MP, Minister for Health & Aged Care, AusBiotech Conference

The Hon. Mark Butler MP began his address by thanking Rebecca for her warm introduction and for the opportunity to speak at the AusBiotech Conference, emphasizing the importance of acknowledging the traditional custodians of the land and the ongoing health disparities between Indigenous and non-Indigenous Australians. He noted the significance of the biotech industry in Australia, welcoming the diverse international attendees and highlighting Melbourne’s outstanding contributions to health and medical research.

Butler pointed out that Australia is home to over 1,200 biotech companies, 55 medical research institutes, and 40 universities dedicated to medical research. Despite this robust foundation, he noted that medical manufacturing accounts for only 0.3% of Australia’s GDP, indicating substantial room for growth in leveraging medical research for commercial success.

He referenced the release of the COVID inquiry report, which underscores the need for sovereign capabilities in medical manufacturing to enhance pandemic response. Butler expressed the government’s commitment to supporting health innovators through a comprehensive pipeline approach—from research and discovery to commercialization and manufacturing. 

The government is investing over $12.6 billion in research and development in the fiscal year 2023-24, which marks an increase of almost 3% from the previous year. This investment includes $1.5 billion allocated to the National Reconstruction Fund aimed at revitalizing the Australian economy post-COVID, particularly in medical science and manufacturing sectors.

Further, Butler mentioned that the National Health and Medical Research Council (NHMRC) and the Medical Research Future Fund (MRFF) collectively provide approximately $1.5 billion in research grants annually. This funding supports life-saving research, fosters job creation, and enhances Australia’s reputation as a leader in medical research. He highlighted a specific initiative, the MRFF commercialization initiative, which has already supported around 135 Australian SMEs and ventures.

One notable success story discussed was the $50 million grant awarded to develop the world’s most advanced artificial heart, a collaboration between universities, clinical hospitals, and industry partners, including Daniel Timms’ company, BiVACOR Inc, which utilizes magnetic levitation technology to enhance heart performance. This innovation has the potential to significantly reduce heart failure deaths, create thousands of jobs, and contribute up to $1.8 billion to the Australian economy. 

Butler announced that the National Health and Medical Research Strategy, expected to be delivered next year, aims to optimize Australia’s research capabilities and improve health outcomes through a more efficient system involving all stakeholders, including states, territories, academia, and the private sector.

In discussing the Health Technology Assessment (HTA) review, Butler highlighted 50 recommendations aimed at improving equitable access to health technologies, especially medications, and ensuring that these processes are more accessible to consumers and clinicians. He concluded by underscoring the importance of streamlining the clinical trials process, which has been a priority since his tenure as Parliamentary Secretary for Health. The implementation of a “one-stop shop” for clinical trials is in progress, driven by the need to simplify approval processes and enhance patient recruitment.

Welcome to Country: A Cultural Acknowledgment by Wurundjeri Elder, Uncle Ian Hunter

Uncle Ian Hunter, a respected Wurundjeri Elder, delivered a heartfelt Welcome to Country at the AusBiotech conference, enriching the event with the cultural significance of Indigenous traditions. Using a didgeridoo and traditional chants, Uncle Ian’s performance served as a powerful reminder of the deep connection between the Wurundjeri people and the land, emphasizing the importance of respecting and acknowledging the rich history of Australia’s First Nations peoples. This acknowledgment is particularly significant in the context of the life sciences and biotech industry, which strives to advance health outcomes for all Australians, including Indigenous communities.

Indigenous Elders like Uncle Ian play a crucial role in their communities, serving as custodians of knowledge, culture, and traditions. They are often recognized for their leadership in preserving Indigenous heritage and guiding future generations. By performing a Welcome to Country, Uncle Ian not only honored the ancestral lands of the Wurundjeri people but also fostered a sense of respect and understanding among all attendees. This moment reinforced the importance of cultural recognition in contemporary society, highlighting the responsibility of the life sciences and biotech sector to integrate Indigenous perspectives and knowledge into their practices, thereby contributing to more inclusive and equitable health solutions for all.

Author

Bernice Lottering