BLP’s Science & Technology Leader Victor De Baets is one of 1600 delegates at International Biofest in Melbourne, including a number of BLP clients, from 38 countries attending three joint events: AusBiotech 2016, IBS 2016 and Australia Biotech Invest 2016.
The Government’s investment into the ‘National Innovation & Science Agenda’ in December of last year aims to reward and incentivise innovation, entrepreneurship and risk taking, and promote science, maths and computing in schools will help drive a modern, dynamic, 21st century economy for Australia. With the Australian Life Sciences sector currently employing circa 40,000 people and contributing $4.4b gross value to the economy, the proposed measures are planned to generate an extra 20,000 jobs and add an additional $2b to the economy by 2025.
The Agenda is already delivering results with a number of measures approved and implemented. Such measures include R&D tax incentives ($3b), co-investment opportunities and capital gains tax exemptions, the Biomedical Translational Fund, the Medical Research Futures fund, MTP connect, and the CSIRO Innovation Fund. These measures are also complemented by various State Government initiatives to attract the sector to their respective innovation hubs.
Australian businesses, universities and research organisations continue to be counted among the best in the world. With approximately 20,000 researchers across 50 Multi-National PharmaBio companies, 400 privately owned Biotech companies, 500 Medtech companies and over 40 Medical Research Institutes, there is a strong trend towards increased collaboration between researchers, universities, industry (both local and MNCs) and for Government to capitalise on the opportunities presented by business-research collaboration.
Various success stories were presented at the conference on Australian spin-offs, start-ups and world’s firsts, backed by venture capitalists and MNC’s. Start-ups like Spinifex, Fibrotech, Hatchtech and others showcase the results of successfully commercialising Australian inventions and the billions of dollars returned to the Australian economy and investors.
Victor De Baets’ commented on the event:
The overwhelming and inspiring message is that the Life Sciences sector in Australia is heading for a golden age.