Biotechnology: a game-changer
Biotechnology is widely recognised as a “game-changer” and foundation stone of our future. It is anticipated that biotechnology will underpin our economy and provide solutions to disease, climate change, fuel alternatives and food security – in addition to improving our quality of life.
What is biotechnology?
Biotechnology, also known as the life sciences, covers a broad spectrum of disciplines that is concerned with the study of living organisms, including microorganisms, plants, animals and human beings. The life sciences industry develops therapeutics and pharmaceuticals, medical technology (including devices and diagnostics). It fuels innovation in agritech and foodtech, biotherapeutics (including stem cells and regenerative medicine) and digital health. It seeks to treat diseases such as cancer, hepatitis C and HIV/AIDS and find ways to feed the world’s growing population, which is expected to exceed 9 billion by 2050.
Innovation in biotechnology and opportunities for the life science industry is anticipated to multiply in the near future, given the growing demand for targeted therapies, increasing incidence of chronic disease, empowerment of patients through technology, and expectation of lower-cost solutions.
The bionic ear, cervical cancer vaccine Gardasil, KinetiGraph device to precisely monitor Parksinson’s patients’ movements and innovative cancer diagnostics and treatments are iconic examples of innovation in biotechnology.
Read more about:
- Medical technology
- Agritech & foodtech
- Biotherapeutics (including stem cells, generative medicine and personalised medicine)
- Biologics and biosimilars
- Clinical trials
What makes the biotechnology industry different?
The biotechnology industry faces different pressures when compared with other industries, such as unique regulatory requirements and different business cycles, where products can often take 10-15 years to reach market.
Successful ventures in biotechnology often rely on partnerships, investment and other forms of collaboration.
AusBiotech is committed to strengthening relationships across and within the biotechnology industry, with particular emphasis on fostering connections between industry, investors and innovators. AusBiotech advocates on behalf of the life science industry to ensure that public policy nurtures the sector and innovation more broadly.
Access more information for biotechnology boards, leadership and governance.
Government support
The Australian Government is committed to supporting the biotechnology industry, recognising the economic potential of the field and the essential role it will play in society’s future. It has implemented programs to support R&D, which is a significant driver of innovation in the life sciences. It expects to spend $10.1 billion on R&D in 2015-16, including $3.2 billion through the R&D Tax Incentive1.
More broadly, the Australian Government has placed innovation firmly on the agenda, launching the National Innovation and Science Agenda (NISA) in late 2015. The NISA includes the Medical Research Future Fund (MRFF) and the Biomedical Translation Fund (BTF).
- Australian Innovation System Report 2016, prepared by the Office of the Chief Economist, Department of Industry, Innovation and Science.