The $8 billion potential of the country’s RNA sector is set to be unleashed with a new plan to capitalize on this golden opportunity in medical science.
Industry and Science Minister Ed Husic will unveil a new strategy to guide the development of the industry during a visit to Perth on Tuesday.
The technology became known during the COVID-19 pandemic through the messenger RNA used in the Pfizer and Moderna vaccines.
RNA – or ribonucleic acid – carries genetic information to where proteins are made.
“When you think of a therapeutic revolution, RNA technologies are at the forefront,” Mr. Husic told The West.
“It will help treat some of the most serious and life-threatening diseases that people face.
“From cancer to Alzheimer’s to liver disease. Things that were previously too difficult to crack – RNA can fix them.”
The 34-page plan sets out five goals to unlock the sector’s untapped potential, including connecting different parts of the industry, expanding the workforce and strengthening international relations.
The federal government has allocated $1.5 billion of its $15 billion National Recovery Fund to the medical sciences – some of which could go toward RNA initiatives.
“I deliberately pushed for this ($1.5 billion) because we have the know-how (in medical science), but we don’t translate enough and go somewhere else and produce our drugs based on an Australian idea.”
Asked why he was announcing the plan in Perth, given that RNA research is often associated with Melbourne and Sydney, Mr Husic said: “If you think you have a national plan that doesn’t include WA, you are fooling yourself.”
More than 200 human RNA-based drugs are currently being developed worldwide, and the value of this technology is expected to grow to US$107 billion ($158 billion) by 2030.
According to independent models, Australia’s GDP could increase by as much as $8 billion in the ten years to 2033.
Michael Azrak, Moderna’s general manager for Australia and New Zealand, welcomed the federal government’s support for the sector.
The US-based company is building a major mRNA vaccine manufacturing facility in Melbourne to prepare Australia for the next pandemic.
“We believe mRNA platform technology has tremendous potential to address some of the world’s most pressing health problems,” he said.
“We commend the Australian Government for its commitment to this promising area of science that will deliver significant benefits to the nation’s health and wellbeing.