A new report on opportunities for Australia's burgeoning regenerative medicine sector reveals it has all the elements needed to be a global leader and drive the creation of thousands of new, high paying jobs.
The report by MTPConnect, the Medical Technologies and Pharmaceuticals Industry Growth Centre, provides a roadmap for elevating the sector so it can successfully compete at a global level.
"We have a bold vision for regenerative medicine - to create an end-to-end world-leading value chain, from discovery to delivery, that gives Australian patients access to world-class therapies, creates high paying jobs and exports Australian therapies to the world," MTPConnect CEO Dr Dan Grant said in launching the report.
"Australia has already demonstrated many successes in this relatively new field - the opportunity now is to build on that foundation, capitalise on our depth of talent in research, clinical trials and advanced manufacturing and elevate the sector to a new level.
If we get this right, ongoing success in regenerative medicine could be worth $6 billion in annual revenue and 6,000 new jobs for Australia by 2035, Dr Grant said.
Regenerative medicine harnesses cells and tissues, often in combination with gene therapy and devices, to enable the body to regenerate and heal itself. MTPConnect's report, Regenerative Medicine: Opportunities for Australia', was produced in collaboration with the AusBiotech Regenerative Medicine Advisory Group and other key stakeholders including the Centre for Commercialization of Regenerative Medicine (CCRM) Australia.
"The report examines Australia's strengths and weaknesses in regenerative medicine, as well as what our major competitors like the US and Japan are doing," said Advisory Group chair and CCRM Australia CEO Silvio Tiziani.
"By taking stock of the local and international regenerative medicine landscape, we've been able to outline a five- point plan for delivering on our vision for the sector."
The report's five-point plan is to:
- Prioritise skills development by attracting, building and retaining world-class talent
- Improve collaboration across the value chain to accelerate commercialisation
- Secure long-term investment by expanding the diversity of the pool of funders and venture capitalists
- Create a clear market access pathway through regulatory reform and alignment with key global markets
- Enhance manufacturing capacity and capability to support commercial-scale manufacturing
To guide implementation of the five-point plan, establishment of a central coordination group is recommended.
"Realising Australia's enormous potential in regenerative medicine will require focus, persistence and the entire sector working together," said AusBiotech CEO Lorraine Chiroiu.
"We can achieve this with a central catalyst group to coordinate and connect stakeholders. With MTPConnect leading the way, AusBiotech and the Regenerative Medicine Advisory Group will work to support establishment of this national body."
Download the full report below.