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 provides a roadmap for elevating the sector so it can successfully compete at a global 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 Dan Grant said.
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 and outlines a five-point plan to drive growth of 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