Now more than ever, the life science industry has been considered by the federal government as an important sector in Australia. To demonstrate its strong commitment, the government provided huge financial and infrastructural support to grow this sector.
The AUSBiotech (Australia’s Biotechnology Organisation) Snapshot of Australia’s Life Science Sector 2019 study demonstrated a robust scientific research community, bringing real-world medical and health solutions to Australia.
In the face of the current pandemic, how is the government helping the industry?
The Medical Research Future Fund (MRFF) granted capital for the following measures to combat COVID-19:
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$13 million to fast-track research into treatments
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More than $2.6 million to develop a new, simpler Australian pathology testing
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Clinical trial sites are still operating during a COVID-19 health emergency. RDTF (Research Development Task Force) has created a COVID-19 Working Group to manage clinical trial delivery, including support for trial participants and trial sites.
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The National COVID-19 Clinical Evidence Taskforce received $1.5 million to deliver ‘living guidelines’ on the clinical management of patients with suspected or confirmed COVID-19 infection across primary, acute and critical care settings.
Likewise, several Melbourne-based biotech companies contributed to finding the treatment for COVID-19.
Starpharma announced that its SPL7013 has shown significant antiviral activity against COVID-19. 360biolabs was commissioned by American biotech company Novavax to conduct sample analysis for the clinical trial of NVX-CoV2373. CSL begins developing new COVID-19 treatment for affected people with serious complications, whose condition is progressing towards the need for ventilation.
Other government-funded medical research projects:
Bushfire impacts - the Australian Government invested $5 million via the Medical Research Future Fund to research and investigate the physical and mental health impacts of the recent bushfires on Australians and their communities.
Child cancer – In collaboration with Minderoo Foundation, the Australian Government, provided extra $67 million for child access to life-saving treatment.
Ovarian cancer - the Australian Government will invest $16.2 million for ovarian cancer treatment research
Other significant updates within the biotechnology sector:
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Australian Treasurer Josh Frydenberg announced temporarily reducing to $0 the monetary screening thresholds for all foreign investments to ensure appropriate oversight over all proposed foreign investments.
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The life science industry calls on the government to consider the sector in the Jobkeeper scheme. AUSBiotech seeks a class ruling on the scheme to ensure that biotech companies, particularly the pre-revenue companies, can continue their operations and research. The signatories of this open letter include the medical technologies, digital health, biotechnologies and pharmaceuticals industry sector and the health and medical research sectors.