An ambitious Australia will invest in health and medical life sciences
17 March 2026: Medicines Australia and AusBiotech today welcome the release of Ambitious Australia: Strategic Examination of R&D Final Report and its plan for action to drive Australia’s future innovation investment through greater focus and a healthy appetite for risk and tough decisions.
For too long Australia has traded on being ‘the lucky country’ and Ambitious Australia acknowledges that long term systemic reforms are needed to support Research, Development and Innovation (RD&I) and create sustainable economic growth for future generations.
As the report acknowledges, effective governance structures are required to oversee and drive reform.
“Medicines Australia and AusBiotech support the Report’s first recommendation — to establish a National Innovation Council reporting directly to the Prime Minister, and the Minister for Industry and Innovation and Minister for Science. Buy-in from the top is critical to drive national RD&I effort and achieve investment that improves the productive capacity of Australia’s economy,” said Liz de Somer, CEO Medicines Australia.
“Placing the health and medical sector as central to an Ambitious Australia through its designation as a key national innovation pillar, is central to cementing the whole-of-government focus and partnership with industry that we have been advocating for. It is a critical precursor to driving the scale-up growth, productivity and health security outcomes we know are possible across our thriving health and medical life sciences ecosystem,” said Rebekah Cassidy, CEO, AusBiotech.
Greater coordination and strategic focus have been central to AusBiotech and Medicines Australia’s joint advocacy to the Australian Government, and it is encouraging to see these priorities reflected in the report’s recommendations. Both organisations support the establishment of a National Strategy Advisory Council or Life Sciences Council (Recommendation 1c) that will oversee and drive reforms under the health and medical pillar.
Liz de Somer said: “The rationale for establishing a Life Sciences Council is clear — it will help create the conditions to realise the full potential of Australia’s life sciences industry for Australian patients, harness the productive capacity of Australia’s economy, ensure we can commercialise Australian innovation, and capitalise on the productivity benefits of healthier Australians and health security. Together we must focus RD&I activities on high-risk, high-impact challenges.”
Rebekah Cassidy said: “Without coordinated, whole-of-government action, Australia has risked losing to its global peers, many of which have long identified life sciences as a critical driver of economic growth, global competitiveness and health security. With a rapidly growing pipeline of home-grown start-ups, SMEs and larger companies across biotech, pharma, medtech, and digital health seeking to scale onshore, a whole-of-government strategic focus, with deliberate coordination is needed. The Council must be an enduring forum to foster partnerships across our value chain.”
“The Council has potential to engage all tiers of government, startups, small to medium enterprises, large businesses, investors, and researchers, and will facilitate public-private partnerships to catalyse investments. Now is the time for action,” said Rebekah Cassidy.
We acknowledge Medicines Australia and AusBiotech members, particularly UCB and Bristol Myers Squibb, for their work and advocacy supporting the Life Sciences Council.
Australia needs a new RD&I system, new attitudes to RD&I, new businesses, new opportunities, and new jobs — leading to a better country. AusBiotech and Medicines Australia thank the review chair, Robyn Denholm, and the Expert Panel for this comprehensive review.
Now we must all work together to make lasting change for future generations.
Media inquiries:
AusBiotech Communications Director, Emma Boscheinen / +61 437 075 209 / eboscheinen@ausbiotech.org
Medicines Australia/Cube, Anne-Marie Sparrow / +61 417 421 560 / media@medicinesaustralia.com.au
About AusBiotech
AusBiotech is Australia’s leading national and global advocate for life sciences, working to help its more than 3000 members thrive by shaping policy, creating connections, and fostering knowledge sharing. With an unrivalled national convening power, AusBiotech supports its members’ growth by building an Australian life sciences ecosystem that leads in development and commercialisation, creating high-quality, innovative life sciences companies.
About Medicines Australia:
Medicines Australia leads the research-based pharmaceutical industry of Australia. Our members discover, develop and manufacture the medicines that are the foundation of a healthy and prosperous society, including prescription pharmaceutical products, biotherapeutic products and vaccines. Our members invest in Australian medical research and take local discoveries and developments to the world.