They include strategies such as growing opportunities for proof-of-concept funding and career incentives, and secondments and training and development opportunities for academics and professional staff involved in commercialisation pathways. Up-skilling industry in academic processes, and publishing needs and streamlining the way commercialisation is negotiated and tracked are also discussed.

“This helpful report reinforces the need for Australia to take a holistic and eco-system approach to research commercialisation – universities, industry, governments and consumers all have a crucial role to play in working collectively to get our best research out into the world making a positive difference,” said Professor Duncan Ivison, Deputy Vice-Chancellor (Research) at the University of Sydney.

“Our vision is to establish a hub for the health and medical industry that transforms Australia’s research and commercialisation capabilities by developing a gold-standard in which the private sector and universities co-design and co-invest,’ said Professor Robyn Ward AM, Executive Dean and Pro Vice-Chancellor Medicine and Health at University of Sydney.

“Our universities are already contributing billions of dollars to the national economy and growing the health workforce, further collaboration between our leading researchers and prominent industry players will strengthen this and fast-track medical discoveries that could make a huge difference in people’s lives.”

The recommendations will also be incorporated into AusBiotech’s ‘Biotechnology Blueprint: A Decadal Strategy for the Australian Biotechnology Industry’ as part of their decadal plan that builds both a thriving ecosystem and develops a sovereign capability for Australia.

AusBiotech’s CEO Lorraine Chiroiu said “The Biotechnology Blueprint has clearly articulated that creating strong and effective partnerships between the Australian biotechnology industry and universities will significantly contribute to commercialising high-quality ideas, and to creating a better connected and more vibrant community.”

“This industry-academia collaboration framework is an important step towards that, as it identifies opportunities for the entire community – from bench to bedside – and aims to nurture an agile, nimble and interconnected environment that is able to consistently create and grow high-value biotech companies.”