AusBiotech welcomes the recent announcement of a $40 million Biosciences Fund (BioSF) for NSW startups, researchers, and entrepreneurs to help them realise their full potential and assist them to bring their innovations to market.
The funding will benefit companies in the medical and life sciences, agriculture/agrifoods, and clean energy and waste industries, whose work aligns with the technology applications stated in the State's 20-Year R&D Roadmap.
In announcing the fund, Minister for Science, Innovation and Technology Alister Henskens said the BioSF "will provide financial and entrepreneurial support for startups developing cutting-edge technologies, helping navigate the often difficult transition between early-stage development and commercial success."
AusBiotech CEO Lorraine Chiroiu said funds like this are particularly important in an industry where access to capital can dictate whether or not a product makes it to market.
"The biosciences sector in Australia has some of the best researchers and entrepreneurs in the world, developing lifesaving treatments and therapies. Funds like this are an important tool to help them progress on the commercialisation pathway in order to contribute to Australia's economic success and the wellbeing of all Australians."
She added that, as the industry is expanding and our researchers and start-ups are creating more complex and innovative solutions to the meet global healthcare needs, the need for a diversity of investment sources has grown.
"Initiatives such as the Biosciences Fund are critical to the future of this industry and help to enable the promise and potential benefits of biotechnology for Australia to be realised. The entire ecosystem needs to work in synergy to ensure our stability and competitiveness in a global environment."
AusBiotech represents Australia's dynamic, world-class life sciences industry, which includes biotherapeutics, medical technology (devices and diagnostics), and agricultural biotechnology sectors. As the voice of the industry, it collaborates actively with its members to deliver recommendations to government on the best use of the public funding such as the National Reconstruction Fund, in order to maximise the significant social and economic contribution it makes.
Learn more about the NSW Biosciences Fund.
