Innovation progress anticipated with new ministry in Australia

21 July 2016

With the swearing-in of the new Australian federal ministry this week, it is anticipated that work will resume to deliver the National Innovation and Science Agenda.

Chief executive of trade group AusBiotech, Anna Lavelle, said: “The biotechnology industry welcomes Greg Huntas the Minister of Industry Innovation and Science and Craig Laundy as the Assistant Minister. We look forward to working with the Minister and Assistant Minister to progress the Innovation Agenda. AusBiotech is especially supportive of the Agenda’s proposed Biomedical Translation Fund to support commercialisation, which it sees as a game-changing package that will transform Australia’s ability to commercialise and benefit from our world-class research and development.”

The new program is expected to be established with A$250 million ($192 million) from the federal government along with matching funds from private investors that will see A$500 million invested in the biotech sector – and provide an amplifier effect.

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