Why more needs to be done to support home-grown innovations

It’s a brave person that gets involved in the medical technology, biotechnology and pharmaceutical sector.

Commercialising new medical devices or drugs is highly risky, extremely expensive and returns can take decades to be realised.

Getting a new medicine from the research lab to the patient can take 15 years or more and well over $1 billion. The Australian-invented Gardasil cervical cancer vaccine for example was a 17-year overnight sensation that earned US$8.9 billion in global sales last year.

Intellectual property protection, strict regulatory safety requirements which vary…