News

Regenerative medicine sector to create opportunities for Australia

05 November 2018
The report by MTPConnect provides a roadmap for the regenerative medicine sector, so it can successfully compete at a global level.
A new report on opportunities for Australia’s growing regenerative medicine sector reveals it has all the elements needed to be a global leader and drive the creation of thousands of new, high paying jobs.

The report by MTPConnect, the Medical Technologies and Pharmaceuticals Industry Growth Centre, provides a roadmap for elevating the sector so it can successfully compete at a global level.

Regenerative medicine (RM) holds the promise of curative healthcare. Unlike traditional medicines and devices, it harnesses cells and tissues, often in combination with gene therapy and devices, to enable the body to regenerate and, in effect, heal itself. 

Global investment in RM has escalated over the last five to seven years, and 37 therapies have been approved and marketed for clinical use. A wave of new therapies is expected in the next five years, particularly in immunotherapy and cell therapy.

“…Ongoing success in regenerative medicine could be worth $6 billion in annual revenue and 6,000 new jobs for Australia by 2035”, MTPConnect CEO Dr Dan Grant said in launching the report.

This report provides a roadmap for the Australian RM sector. It assesses Australia’s strengths and weaknesses and recommends priority actions to elevate the sector and enable it to compete robustly at a global level. 

It has been developed with the collective wisdom and input from over 60 local and international sector stakeholders, including members of Stem Cells Australia. This report is not a comprehensive action plan but as a common vision and platform from which the sector can springboard to accelerated growth.

"This is an important report", said Professor Melissa Little, Program Leader of Stem Cells Australia. "The key actions it identifies are actions the whole sector needs to engage on, with government support, for Australia to deliver health and economic benefits from regenerative medicine. Stem Cells Australia is already piloting disease teams to enhance collaboration and aligning regenerative medicine R&D around end-products with clear line-of-sight to the clinic to increase VC engagement – actions that are recommended in the report"

The report’s five-point plan includes:
  • Prioritise skills development by attracting, building and retaining world-class talent
  • Improve collaboration across the value chain to accelerate commercialisation
  • Secure long-term investment by expanding the diversity of the pool of funders and venture capitalists
  • Create a clear market access pathway through regulatory reform and alignment with key global markets
  • Enhance manufacturing capacity and capability to support commercial-scale manufacturing
The vision is to create an end-to-end world leading value chain (from discovery to delivery) that grants Australian patients access to world-class RM therapies, creates jobs and enables the export of Australian therapies to the world.

For more information:
Read the full report.