Enabling Biotechnology’s Potential in Australia Through Strategic Policy Research
With thoughtful, research-informed policy development, Australia’s biotechnology sector will be better positioned to thrive in a dynamic, global landscape
Biotechnology offers Australia a unique opportunity to support economic growth and tackle pressing environmental challenges. A recent brief authored by PSI Research Group leader Pedro Fidelman and Allison Fish from the UQ Centre for Policy Futures suggests that to realise this potential, a robust policy framework is essential—one that adapts to the field’s rapid advancement and diverse applications, from sustainable food production to renewable energy.
Biotechnology’s Growing Influence
Biotechnology harnesses biological processes to create innovative products and services that can transform industries. In Australia, this sector has promising prospects: projections indicate it could contribute over $30 billion annually to the economy and create more than 50,000 jobs by 2040. Governments at both the state and federal levels are taking steps to support this growth through initiatives like the Queensland Biofutures 10-Year Roadmap and the National Synthetic Biology Roadmap.
The Policy Challenges
However, keeping up with the pace of biotechnology advancement isn’t simple. According to the brief, many existing policies are reactive, sector-specific, and often inflexible, which can stymie biotech innovation and market entry. There’s a need for adaptable regulatory approaches that can evolve with the field, fostering innovation while addressing potential risks.
A Research Agenda for Policy Development
To guide Australia’s policy evolution in this sector, the brief proposes a three-part research agenda:
- Regulatory Landscape Analysis: This area focuses on reviewing current regulatory frameworks, identifying gaps, and suggesting reforms that could streamline biotech innovation and support market entry.
- Learning from International Best Practices: By studying successful (and unsuccessful) policies in other countries, Australia can gain valuable insights to help avoid pitfalls and adopt effective strategies suited to the national context.
- Innovative Policy and Governance Approaches: This area explores new governance methods, such as adaptive and risk-based regulation, which can better accommodate biotechnology’s evolving nature and diverse stakeholder interests.
Building a Supportive Framework
Realising biotechnology’s potential in Australia requires collaboration across sectors, with input from government, industry, and research institutions. Additionally, involving Indigenous communities and other relevant stakeholders in these conversations ensures that biotech development benefits all Australians.
By embracing a forward-looking, flexible policy framework, Australia can support a biotechnology sector that contributes meaningfully to the economy and the environment. This approach will enable the country to maximise the benefits of biotechnology, fostering growth while addressing critical societal needs.