Posted: 28 February 2025
What does it take to translate groundbreaking research into commercial success, and how do we cultivate more success stories? That was the central question of our first BioForum of 2025 that brought together around 140 attendees for an engaging and thought-provoking discussion on one of the most pressing challenges in Victoria’s life sciences sector, facilitated by Karen Parr, CEO of BioMelbourne Network.
With Prof Andrew Wilks, award-winning academic, serial entrepreneur, and leading figure in Australian biotech, and Amanda Handley, MPH, Vice President, Head of Development of Medicines Development for Global Health (MDGH), the conversation provided invaluable insights into the complexities, opportunities, and challenges of bringing medicines from the lab to the market, and ultimately to patients.
The lifeblood of commercialisation: access to capital
One of the key themes that emerged was the critical role of funding when translating research into successful biotech ventures, and through the various valleys of death. Professor Wilks highlighted the gaps in capital markets, stating: “There is a big disconnect in the capital markets that would allow us to be successful, both in the early-stage translation piece and also the later-stage translation piece.”
While Victoria is recognised as a global leader in medical research, funding remains a persistent challenge. Wilks pointed out that Australia often relies on big pharmaceutical companies to translate discoveries, rather than building a self-sustaining local commercialisation ecosystem. However, he also noted that Victoria “couldn’t be more attractive for investors in a space where there is high risk.”
Failing fast and building a stronger pipeline
Apart from sharing plenty of insightful and practical tips and advice with the audience, Wilks stressed the importance of taking calculated risks and knowing when to pivot. While persistence is key in biotech, pragmatism is equally important, in his perspective. He noted that many Australian startups are not encouraged to build a pipeline with numerous assets, and instead relies on external partnerships. It also reduces the ‘shots on goal’ for a company. Having an internal skillset that can see when an asset is no longer commercially viable and should no longer be invested in, is critical to being able to fail fast and pivot. This will enable longer-term sustainability and the ability to develop homegrown commercial success stories.
The role of philanthropy in medicine development
Amanda Handley presented a different pathway to success – one driven by mission-aligned investment and philanthropy. MDGH has successfully secured funding from major donors, such as the Gates Foundation, to develop treatments for neglected diseases, including moxidectin, the first new treatment for river blindness in over 30 years, and recently approved in Ghana.
Handley explained that philanthropic investment requires more than just a strong pipeline – it requires compelling storytelling. The same principle, Wilks add, applies to securing commercial investment. Both speakers reinforced the importance of authenticity when pitching to investors – whether philanthropic or venture capital.
Learning by doing: diversifying the talent pool
Asked how we can better train, retain, and attract talent, both Wilks and Handley agreed that learning by doing is essential as well as the need for more home-grown success stories that can inspire and provide examples.
Throughout the discussion, both speakers praised the role of the Victorian Government in supporting biotech innovation. State-backed investments in local biotech companies and initiatives to strengthen the commercialisation pipeline have played a key role in positioning Victoria as a competitive global player, in their opinion.
Highly-engaged audience
The fireside chat concluded with an interactive Q&A, where attendees asked insightful questions about the challenges and opportunities in biotech commercialisation.
Topics ranged from:
- mistakes to avoid when pitching,
- the role of international collaborations,
- prioritising regulatory strategies when entering multiple countries
- how companies can better position themselves for investment
- the future of Australia’s health technologies’ sector.
The strong engagement throughout the session reinforced the urgency of these discussions – and the need for continued action to strengthen Victoria’s biotech ecosystem in order to see more medicines and therapies reach the patients they’re intended to.
BioMelbourne Network would like to thank the State Government of Victoria for supporting and Spruson and Ferguson for hosting this successful event.
For information on how to become a BioMelbourne Network member, receive discounted or exclusive entry to events, and understand further member benefits, email info@biomelbourne.org.
