By Senator Michelle Ananda-Rajah, Senator for Victoria

In an article in the August issue of Inspire, Senator Michelle Ananda-Rajah highlights that Australia’s world-class research sector is an untapped economic opportunity, particularly in health and medical science. Building on the Ambitious Australia report and the Government’s Future Made in Australia agenda, she outlines how Australia can turn strong research into globally competitive companies, jobs and exports.

Australia has significant advantages: world-leading research, a strong healthcare system, a substantial biotech sector and successful companies such as CSL, Cochlear and ResMed. However, Australia still underinvests in R&D compared with the OECD average and struggles to attract the private capital needed to commercialise research, particularly in capital-intensive sectors such as biotechnology.

The article highlights government measures to address these gaps, including increased MRFF funding, stronger R&D incentives, venture capital initiatives, Horizon Europe participation and streamlined clinical trials. It also stresses the importance of talent, capital and ideas working together, as well as improving gender equity and supporting more women to transition from researchers into founders.

The key message

Australia has the research capability to create the next generation of globally successful companies, but needs sustained investment, private capital, talent and coordinated policy to turn research discoveries into commercial success.

The article also features a great photo of Cartherics’ scientists, showcasing the people behind Australia’s emerging biotech sector.

Read the full article in Issue 39 of Inspire, a publication of Research Australia, on pages 40-42 here:  https://researchaustralia.org/inspire-magazine/