Innovatia

the successful commercialisation of medical research. These include clear communication of research findings, a focus on addressing unmet needs in the market, rigorous validation of prod- uct efficacy and safety, proactive engagement with regulatory bodies, strategic intellectual property management, and strong collabora- tion between academia and industry. Queensland’s efforts to bridge the gap between research and commercialisation have yielded positive outcomes. Government sup- port and initiatives aimed at promoting tech- nology transfer and innovation have contrib- uted to a thriving ecosystem of start-up med- ical and biotechnology companies conducive to commercialisation. Some of these initiatives have developed ground-breaking solutions for healthcare challenges. Research Commercialisation and the role of Venture Capital Venture capital (VC) plays a crucial role in the development and commercialisation of medical research. VC firms provide funding and exper- tise to start-ups, enabling them to scale their operations, refine their products, and enter the market. In Queensland, the availability of ven- ture capital, especially for nascent research, has been instrumental in helping promising medical and biotechnology companies realise their potential. However, the road to successful commercialisa- tion through venture capital is not without chal- lenges. Investors often seek a balance between risk and reward, and the unique complexities of medical research can lead to longer development timelines and uncertainties before the benefits from medical research are realised. The financial

goals of venture capitalists do not always recon- cile with the intrinsic value of medical research. Adjusting expectations around timelines asso- ciated with medical research requires a delicate balancing act. Collaborating with researchers and universi- ties is vital for successful commercialisation. Successful medical research commercialisation demands a diverse skill mix. This includes not only scientific expertise but also business acu- men, regulatory knowledge, marketing skills, and the ability to navigate complex partnerships. One of the biggest challenges for medical

start-ups is harnessing the passion and drive of researchers without alienating them through the commercialisation process. All too often a dysfunctional relationship between investors, management and the researcher can lead to a loss of value in a start-up, as disenfranchised researchers stop contributing and commercial- isation falters. Bridging the gap between the academic and business worlds requires effective communication, mutual understanding, and a willingness to navigate challenges together. Historically Queensland has tended to create single or limited product start-up companies, which can be subject to high administration costs “Government support and initiatives aimed at promoting technology transfer and innovation have contributed to a thriving ecosystem of start-up medical and biotechnology companies conducive to commercialisation.”

relative to returns, and less likely to deliver value to the company and the stakeholders, which in turn can discourage further investment. A port- folio approach to managing medical start-ups is preferable/more cost-efficient. Finally, university commercialisation units need to abandon their understanding of success simply in terms of the ‘number of deals done’ and focus more on the outcomes of those deals. Medical research commercialisation is pivotal to translating scientific discoveries into tangible commercial outcomes. By facilitating the trans- formation of research findings into market-ready products and services, Queensland can drive economic growth and improve healthcare out- comes simultaneously. Overcoming our challenges While the potential for success is immense, chal- lenges to commercialising medical research remain. These challenges include managing the relationship between business and researchers, navigating regulatory hurdles, securing funding at various stages of development, protecting intellectual property, recruiting and retaining

INNOVATIA

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INNOVATIA

| Queensland Economic and Innovation Special Report

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