What Australian biotech needs to compete globally
How Australia’s influx of public and private funding is stimulating translation in the biotech sector
Australia aims to be more than a destination for clinical trials, and an influx of cash is helping the country’s biotech sector fill its translational gap. But like other emerging biotech hubs, talent and a higher appetite for risk will be needed to compete on a global scale.
Over the past decade, Australian biotech has seen marked growth, due in large part to a series of government-backed initiatives and funds designed to boost its translational science, which has historically lagged its academic research and clinical trial capabilities.
“There is almost triple the amount of venture capital for life sciences than there was ten years ago, and government has almost doubled its investment in the sector with some of the funding going towards translational research,” said Chris Nave, managing director of Brandon Capital Partners, the largest life science VC firm in Australia.
“Australia is biology rich but molecule poor, and its the molecules that will drive any investment or partnering.”
Five Australian VCs and entrepreneurs interviewed by BioCentury agreed that those are big steps in