An aspiration for a brighter future

A forward-thinking vision from all political perspectives is critical for shaping Australia's future. Our standing on the world stage and the well-being of our future generations hinge on this collective vision.

Typically, I refrain from sharing personal anecdotes, but recently, my personal and professional worlds have intertwined.  

In the upcoming week, I'll embark on an overseas work trip - meeting with remarkable Australians making an impact globally in their fields.

Living with a chronic immune condition and having had cancer, my routine involves receiving regular infusions of biologic medicine to remain well. 

Like the 1.3 million other Australians living with autoimmune diseases or the more than 1 million Australians living after a cancer diagnosis - this requires careful planning to ensure it aligns with travel schedules and other obligations.

I feel incredibly fortunate to have access to this life-changing treatment in Australia, along with the expertise of top-notch clinicians and other healthcare professionals, all thanks to the remarkable strengths and talents of our nation.

So as I receive treatment from my doctor - a dedicated former international student who chose to remain in Australia post-training - I sit still for the required hour and a half. And while doing so, I can't help but think about the future and the impacts of potential policy and investment decisions not just on our children, but generations to come.

There’s no doubt our nation has one of the best healthcare systems in the world. Our exceptional healthcare system and top-tier universities have paved the way for groundbreaking clinical trials and research.

Australia has the remarkable opportunity to establish itself as a hub of life sciences innovation, leveraging its prestigious tertiary education institutions and robust public health system.

Undoubtedly, the life sciences sector plays a pivotal role in shaping Australia's future and driving our economic prosperity as we move away from dependence on traditional industries.  

But do we have the necessary drive to unlock our maximum potential in the future, or are we teetering on the edge of complacency?

If we look at the life sciences sector:

• It takes on average 466 days for a new medicine to go from TGA registration to PBS listing. This is 100 days slower than the OECD average and more than 300 days slower than Japan or Germany.
• Australia’s R&D spend is currently 1.68% of GDP, while the OECD average is 2.7%, South Korea is 4.9% and the US is 3.5%.

If Australia were to allocate 3% of its GDP towards Research and Development at present, projections suggest our economy could see a boost of $100 billion, along with the creation of an additional 42,000 high-value jobs.

Investment in ideas and curiosity is crucial to future jobs and growth. A forward-thinking vision from all political perspectives is critical for shaping Australia's future. Our standing on the world stage and the well-being of our future generations hinge on this collective vision.

Cutting-edge pharmaceuticals play a crucial role in enhancing both the health and prosperity of Australia. These innovative treatments not only help individuals, like myself, maintain wellness but also result in reduced hospital stays and improved survival rates for patients in need.

Indeed, the Albanese government’s own intergenerational report summarised it best, stating, “Major forces will shape the economy in coming years, including population ageing; rising demand for care and support services; climate change and the net zero transformation; technology and digital adaptation; and geopolitical risk and fragmentation. These forces will change the structure of our economy and how Australians live, work and engage with the world.”

So do we have the courage and vision beyond the political cycle? The impact if we don’t will be that our best medicine, investment, technology, infrastructure and talent will simply go and stay offshore.

It's time to show courage, leverage the strengths of our nation today, and adapt to ensure we're competitive for the future.

If we don't, the cost of living pressures currently being felt today will only increase and we simply won't be able to access what we need in the future - whether it’s needed technology, education and training, investment and infrastructure, research and development or needed treatments.

The very real and everyday impacts will be felt by many unless we harness our enormous potential and think beyond our borders.

An aspiration for a brighter future that creates opportunity, while delivering a quality of life us Australians love for the next generation.

Kate McQuestin is the CEO of Advance Global Australians, Non-Executive Director of Rare Cancers Australia and Non-Executive Director of Crohn's & Colitis Australia

Kate McQuestin