AusBiotech has welcomed the recent announcement of a $40 million Biosciences Fund (BioSF) for NSW startups, entrepreneurs and researchers to help realise their full potential and assist to bring their new innovations to market.
Announcing the new fund, Minister for Science, Innovation and Technology, Alister Henskens says the BioSF will provide financial and entrepreneurial support for startups developing cutting-edge technologies, helping navigate the often difficult transition between early-stage development and commercial success.
Financial support will be available for firms in the healthcare and life sciences, agricultural/agrifoods, as well as clean energy and garbage sectors, whose activities are in line with the technology usages specified in the State’s 20-Year Research & Development Plan.
Lorraine Chiroiu, CEO of AusBiotech says funds like this are particularly important in an industry where access to capital can dictate whether or not a product makes it to market.
“The biosciences sector in Australia has some of the best researchers and entrepreneurs in the world, developing lifesaving treatments and therapies,” says Chiroiu
“Funds like this are an important tool to help them progress on the commercialisation pathway in order to contribute to Australia’s economic success and the wellbeing of all Australians.”
“As the industry is expanding and our researchers and start-ups are creating more complex and innovative solutions to the meet global healthcare needs, the need for a diversity of investment sources has grown.”
“Initiatives such as the Biosciences Fund are critical to the future of this industry and help to enable the promise and potential benefits of biotechnology for Australia to be realised,“
“The entire ecosystem needs to work in synergy to ensure our stability and competitiveness in a global environment.” she said
AusBiotech speaks for the industry and works together with its members to give advice to the government on how to make the most of public funds such as the National Reconstruction Fund so as to generate a major economic and social benefit.
It also represents Australia’s dynamic, world-class life sciences industry, which includes medical technology, biotherapeutics, (devices and diagnostics), and the agricultural biotechnology sector.
