In the 2024-25 Federal Budget, the Australian Department of Industry, Science and Resources announced a strategic examination of Australia's research and development (R&D) policies.
The aim of the review is to strengthen R&D alignment with government priorities and improve innovation and R&D outcomes.
Since the announcement, the importance of having a high-functioning R&D system and strong sovereign capabilities has only grown, driven by the evolving geopolitical context and shifting global trade landscape.
The strategic examination is being led by an independent panel, chaired by experienced industry executive and current Tesla Chair Robyn Denholm. The panel also includes Professor Ian Chubb AC, Professor Fiona Wood AO, and Dr Kate Cornick. Their mandate is to:
- Get more value from investment in research across universities, industry and government.
- Harness and grow business investment in R&D.
- Leverage Australia's scientific strengths to help address national priorities and foster new industries.
In response to a discussion paper released in early April, AusBiotech made a submission advocating for a whole-of-government approach to R&D for life sciences. We emphasised that Australia's life sciences industry should be recognised as essential to the country's productivity, health security, and the health and wellbeing of all Australians.
To unlock the full potential of Australia's health and life sciences capability, our submission outlined the need for a long-term, whole of government, bi-partisan national strategy for the sector. We highlighted the importance of playing to Australia's national strengths and competitive advantages, recognising that resources are finite and strategic focus is critical.
We also called for policy settings that incentivise the commercialisation of Australian ingenuity, foster local manufacturing, and encourage procurement of Australian-made health technologies.
As the independent panel continues its work, AusBiotech is engaging in the process in a number of ways to ensure that the future R&D system supports a thriving, resilient life sciences sector. We will keep our members up to date.
Read our full submission here.
