Life Sciences Queensland submission to the National Reconstruction Fund (NRF) consultation

Thank you to our members for engagement on the $15 billion NRF announced by the Federal Government. Our submission incorporates input from a diverse range of organisations, including universities, research institutes, multinational corporations, startups, specialised and professional services companies, and non-profits, across the MedTech sector. The advantages of linking manufacturing capacity with development of novel devices, medicines, vaccines and diagnostics include:

• Retaining IP onshore while adding value to the product to maximise return to Australian funders
• Streamlining entry and increasing the number of drugs entering clinical development and supporting jobs in the Australian clinical trial industry
• Leveraging prior governmental and private investment into Australian R&D o Providing a steady pipeline of products to maximise utilisation of an expanded manufacturing capability

The upcoming co-investment plan provides a valuable opportunity to support a seamless transition for novel home-grown therapeutics into manufacture. The need for end-to-end sovereign capabilities in the supply chain is one of the biggest issues post-COVID. The need to be self-sufficient in the supply of these solutions with the additional benefit of supplying South-East Asia was highlighted by industry.Industry proposes a more expanded proof of concept fund that is tightly defined and focuses on the last critical step in adding real value and starting a company spin-out.Workforce was a strong theme raised. The government should focus on developing the manufacturing and commercialisation skills of the workforce, addressing the gap between academia and commercialisation. These efforts would bring the industry closer to the international market and deliver a clear return on investment. In conclusion, driving sustainable industry growth in Australia will require a consistent approach to policy and investment that covers all critical aspects of innovation, including skills development, supply chains, trade, and regulation. By taking a holistic and strategic approach, Australia can position itself as a leader in advanced manufacturing and innovative technologies.LSQ endorses the submission by its sister organisation, AusBiotech and the references to the Biotechnology Blueprint.Read the full submission here.Broader themes were discussed and summarised. These will be discussed at our upcoming Future of Health session on 20 April 2023. We look forward to seeing you there.