Joint media release with the Hon Mark Butler, Minister for Health and Aged Care
Today the Albanese Government is releasing a Medical Science Co-investment Plan as part of delivering a future made in Australia and creating more secure, well-paid jobs.
This new plan sets out how government and industry can work together to grow opportunities in medical manufacturing, building on our world-leading medical research capabilities and strong healthcare system.
It identifies a broad range of high-value investment opportunities, including in medical devices, vaccines and personal protective equipment.
The plan also lays out ways to build on Australia's existing advantages in clinical trial capabilities and world-leading therapeutic expertise in oncology, immunology, neurology and cardiovascular disease.
Health and medical research in Australia is an outperforming sector - ranking 7th in the world, with an ecosystem of more than 1,200 biotech companies, 55 medical research institutes and 40 medical research focussed universities.
But medical manufacturing only accounts for 0.3% of GDP, demonstrating the need to leverage our medical research to create more secure, well-paid jobs.
This is the first of seven Co-investment Plans the Government will deliver across all of the National Reconstruction Fund's priority investment areas, including:
- value-add in resources
- value-add in agriculture, forestry and fisheries
- transport
- renewables and low emission technologies
- defence capability
- enabling capabilities
The plan was developed in consultation with industry stakeholders, technical experts and with broad consultation across government.
The Medical Science Co-investment Plan is now available at https://www.industry.gov.au/MedicalScienceCo-investmentPlan.
Quotes attributable to the Hon Ed Husic, Minister for Industry and Science:
"Great ideas can help create great products and great jobs.
"But too many great Australian ideas have left our shores only to return as an import from another country.
"Gardasil is a prime example of the terrible cost of lost opportunity, brilliant Australian medical research ended up being manufactured overseas because we didn't have the capabilities to make it here.
"As the National Reconstruction Fund works to revitalise manufacturing in key priority areas, we need a clear picture of the challenges and opportunities we face in each sector.
"This and the other co-investment plans to come underpin our commitment to a Future Made in Australia, giving us a guide to what we can do to boost sovereign capability and tackle supply chain challenges.
"We can work with other investors and industry partners to grab high-value opportunities before they pass us by.
Quotes attributable to the Hon Mark Butler, Minister for Health and Aged Care:
"Australia has some of the best medical researchers in the world.
"We need to be utilising their talent and grow a medical manufacturing industry that will be world leading.
"This is all part of the Albanese Government working to deliver a future made in Australia."
