AusBiotech is a $40 million bioscience fund (BioSF) to help start-ups, entrepreneurs and researchers in New South Wales reach their full potential and bring new innovations to market. Welcomed the recent announcement.
Alistair Henskens, Minister for Science, Innovation and Technology, said BioSF will provide financial and entrepreneurial support to startups developing cutting-edge technologies, facilitating the often difficult transition between early-stage development and commercial success. announced a new fund to help navigate the
Financial support will be provided to companies in the healthcare and life sciences, agriculture/agrifood, clean energy and waste sectors that align their activities with technology usages specified in the state’s 20-year research and development plan.
AusBiotech CEO Lorraine Chiroiu said such funding is particularly important in an industry where access to capital determines whether a product makes it to market.
“Australia’s bioscience sector has some of the best researchers and entrepreneurs in the world developing life-saving treatments and therapies,” says Chiroiu.
“Funds like this are an important tool to help them on their commercialization journey to contribute to Australia’s economic success and the welfare of all Australians.”
“As the industry expands and our researchers and start-ups create more complex and innovative solutions to meet global healthcare needs, the need for diversified sources of investment increases. I have.”
“Initiatives such as the Bioscience Fund are critical to the future of this industry and will help enable Australia to realize the promise and potential benefits of biotechnology.”
“To ensure stability and competitiveness in a global environment, the entire ecosystem must be synergistic,” she said.
AusBiotech represents the industry and works with its members to advise governments on how to make the most of public funds, such as the National Recovery Fund, to generate significant economic and social benefits.
It also represents Australia’s dynamic, world-class life sciences industry, which includes the medical technology, biotherapeutics (devices and diagnostics), and agricultural biotechnology sectors.