Progress towards the establishment of a 'biobridge' linking the life sciences industries in Australia and the United Kingdom continues apace. Getting the foundations right for the 'biobridge' will enable biotechnology companies and service providers in Australia and the UK access to more funders, clinical trials, and markets.
On 3 June 2025, Australian Minister for Trade and Tourism, Senator the Hon Don Farrell and UK Secretary of State for Business and Trade, the Rt Hon Jonathan Reynolds MP, met alongside the OECD 2025 Ministerial Council Meeting held in Paris for the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee.
The Ministers noted that free and inclusive trade is a cornerstone of prosperity in both countries. To this end, the Ministers acknowledged the ongoing work under the FTA's Innovation Chapter to explore the potential for a 'biobridge' between our countries to expedite new and innovative medicines, diagnostics, and therapeutics to market.
The Ministers also celebrated the strong trade and investment relationship between the UK and Australia. Two-way trade between our economies reached AUD36bn or GBP23bn in 2024. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.
With AusBiotech's Memorandum of Understanding with the UK's BioIndustry Association freshly inked at BIO25, we look forward to continuing to work with them to progress the biobridge and other areas of shared interest to foster the growth of our respective life sciences ecosystems. We also acknowledge the work of the Department of Industry, Science and Resources in leading the development of the 'biobridge' from the Australian side.
