Skip to content

What You Need to Know About Biotechnology In Turnbull’s Innovation Statement

Malcolm Turnbull’s Innovation Statement offers some good news for Australian innovation in Biotechnology. Turnbull announced the creation of a $200 million CSIRO Innovation Fund to support investments in startups. The biotech community welcomed the announcement that better positions Australia to compete on the international stage against the likes of Switzerland and the United States. Below, we outline what the statement addressed and the key takeaways for biotech.

What is Biotechnology?

Biotech refers to using living organism or their products to enhance or improve human health and our environment. You may be familiar with biotechnology’s subcategories including medical, industrial, agricultural, environmental and bioeconomy.

Innovation Creation

We have the intention and investment, but how do we as a nation encourage innovation in biotech? A prerequisite for any innovation is synergy between the government, education and industry. The government must then provide tax relief for startups, as well as a favourable regulatory environment to nurture research and allow room for troubleshooting or failure.  

Turnbull further committed $84 million on Science, Technology, Engineering and Maths (STEM) subjects in high schools, focusing on upgrading the digital skill set of teachers. Included in this $84 million is $13 million for women and STEM. The second phase is the funding committed to university research, totalling $127 million in the next four years to help publish research in academic journals. This will contribute to bridging the current gap between research at the university level and industry success.

Continue reading this article below the form
Loading form

Business Know How

Understanding how to run a business is an important pillar in creating a culture of innovation. Students need to marry the knowledge they acquired through their tertiary education with business know-how. Transitioning away from the traditional Biotechnology Research and Development (R&D) structure towards a pragmatic, business-centric model presents challenges that entrepreneurs will need to surmount.

Investors

Turnbull’s national agenda aims to connect investors with entrepreneurs. Incubators and accelerators that contribute to startup development and growth will receive $8 million in funding.

Focus on Australian Innovation

Wary entrepreneurs view the loud chatter around innovation and the “ideas boom” cautiously. During the dotcom era, many ideas that had high prospects of success failed due to the financial crisis. For example, Ventracor’s heart-assist pump failed despite being an innovative and necessary invention.

But innovation in Australia’s biotech has literally yielded fruit in the past facilitating the Granny Smith’s Apple creation, IVF embryo freezing, Gardasil Cervical Cancer Vaccine and Micro-Surgery to name but a few. With the government’s recently announced funding, we anticipate its future will continue to grow.

Questions? Get in touch on 1300 544 755.

Register for our free webinars

Demystifying M&A: What Every Business Owner Should Know

Online
Understand the essentials of mergers and acquisitions and protect your business value. Register for our free webinar.
Register Now

Social Media Compliance: Safeguard Your Brand and Avoid Common Pitfalls

Online
Avoid legal pitfalls in social media marketing and safeguard your brand. Register for our free webinar.
Register Now

Building a Strong Startup: Ask a Lawyer and Founder Your Tough Questions

Stone & Chalk Tech Central, Level 1 - 477 Pitt St Haymarket 2000
Join LegalVision and Bluebird at the Spark Festival to ask a lawyer and founder your startup questions. Register now.
Register Now

Construction Industry Update: What To Expect in 2026

Online
Stay ahead of major construction regulatory changes. Register for our free webinar.
Register Now
See more webinars >
Sophie Glover

Sophie Glover

Read all articles by Sophie

About LegalVision

LegalVision is an innovative commercial law firm that provides businesses with affordable, unlimited and ongoing legal assistance through our membership. We operate in Australia, the United Kingdom and New Zealand.

Learn more

We’re an award-winning law firm

  • Award

    2025 Future of Legal Services Innovation Finalist - Legal Innovation Awards

  • Award

    2025 Employer of Choice - Australasian Lawyer

  • Award

    2024 Law Company of the Year Finalist - The Lawyer Awards

  • Award

    2024 Law Firm of the Year Finalist - Modern Law Private Client Awards

  • Award

    2022 Law Firm of the Year - Australasian Law Awards