Link here: THE Minister for Industry and Science Ed Husic’s address to the National Press Club last week set out the government’s vision to revitalise science in Australia through the National Reconstruction Fund. It was a speech imbued with optimism about the potential for Australian innovation – optimism that is shared the many companies supporting research and development, and working to commercialise innovations in complex global trade conditions. However, for those us working in this space, optimism is plainly not enough. The Australian government needs to actively support innovation across a range of sectors and it needs to strike while the iron is hot. The National Reconstruction Fund is a bold and visionary concept for Australia and has the potential to make a real difference to the lives of Australians and the nation’s economy. But we also risk missing a significant opportunity if we do not properly utilise the National Reconstruction Fund where it is needed most. If Covid-19 taught us anything, it is that Australia must harness its capability to deliver medical innovations – and do so within our own shores, rather than losing brilliant ideas to overseas markets. Australia has incredible medical innovations that are born here but flee to other global markets like the US and Europe where it is easier to secure the capital required to scale and succeed. Mr Husic remarks on the importance of science supporting our national wellbeing and ensuring economic prosperity are warmly welcomed. His comments on the long lead- time for innovation resonate with many in the industry, particularly the suggestion that government needs to work more closely with industry and the private sector. The federal government should carve out a portion of the National Reconstruction Fund into a specialist healthcare fund that would directly fund Australian medical innovations. The money from government could be matched dollar-for-dollar industry or the private sector, fostering skills and know-how in a cross-disciplinary manner. While the current National Reconstruction Fund scope includes medical manufacturing, this is limited to the type of national health security challenge which emerged during Covid. This limited scope is not sufficient for Australia’s future self- reliance, as it does not capture the opportunity to commercialise Australian medical innovations. A specialist healthcare fund would greatly benefit the Australian economy, supporting and building the innovation ecosystem, generating well-paying and high- value jobs in Australia and building new industries in which Australia can develop a competitive advantage.
