A leading Australian healthcare investor is urging their counterparts and governments to give greater backing to the country’s medical research sector.
BioScience Managers describes itself as an international healthcare investment firm that finances “innovative science and technology with the potential to transform healthcare.”
“Through the pandemic we have seen Australian biotech and digital health companies step up and work with government and community partners to accelerate innovations and ensure we can supply key health services across Australia,” said managing partner Jeremy Curnock Cook.
“However, as a funds manager, including for the Australian Government’s co-investment venture capital program, the Biomedical Translation Fund, we’ve also continued to see promising Australian companies having to seek the bulk of the capital they need to commercialise and grow from overseas, diluting Australian ownership and benefits for the Australian community and economy.”
The company said governments are backing the sector’s development with investment through the Medical Research Future Fund and the co-investment in the construction of new manufacturing facilities.
“We need governments to help us call out the Australian private investment community for its lack of understanding and support for Australia’s biotechnology sector and its unrealised potential for patients, community wellbeing, supply chain security as well as economic returns and benefits,” said Mr Curnock Cook.
“Furthermore, there is significant upside potential in emerging digital data and health technologies that are needed to understand system level issues, target health interventions and expenditure, drive efficiencies and improve outcomes in areas such as aged care.
“BioScience Mangers would like to see the Australian co-investment venture capital model extended to digital health as part of an integrated, efficient, systemic approach to improving health services for Australians.”
