Life Sciences in Australia - the four pillars of future leadership

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The pace of life science innovation and its impact on healthcare systems creates enormous opportunities for better health outcomes and economic prosperity.

Australia has a rich history in life sciences and over the last century Australian scientists have contributed to many life-saving and transformative discoveries. The life sciences sector is hugely productive, and the biotech sector alone contributes over $250 million to the country’s gross domestic product (GDP).

Australia is not alone, and many countries see life sciences as one of the great drivers of growth in the 21st century and investing in capabilities to enhance their attractiveness for inward investment. For Australia to continue to compete as a leading hub for science and innovation on the world stage, it needs to invest and nurture those areas where it is unique and differentiated.

This report, which is based on extensive research across the sector, sets out the priorities for Australia to achieve that aim – the four pillars of future leadership in Life Sciences. These pillars will serve as foundational building blocks for Australia’s continued competitiveness in the sector:

Facilitate a thriving translation
Enhance and nurture clinical trial proficiencies
Unlock the power of genomics
Become a leading hub for the production and use of advanced therapies

By accelerating investment in these pillars, we have used economic modelling to show the significant impact they can deliver.

With health and science breakthroughs on the horizon, continued investment in the life sciences sector will be instrumental to keep Australia at the forefront of the global progress towards the healthcare systems of the future.