Australian companies could secure $6 billion in annual revenue from regenerative medicine, potentially creating 6,000 new jobs by 2035, according to a new report released in Brisbane today.

Regenerative Medicine: Opportunities for Australia, prepared by the Medical Technologies and Pharmaceuticals Growth Centre, MTPConnect, highlights the future of this type of medicine, which uses cells and tissues to treat injury and disease by harnessing the body's own recovery processes.

Minister for Industry, Science and Technology Karen Andrews said the report highlighted Australia’s position to capture five per cent of this market, estimated to reach AU$120 billion in global revenue by 2035. 

“The report highlights Australia’s potential to capture a share of the regenerative medicine sector, identifying areas where we can build on our competitive strengths, particularly our highly skilled workforce,” Minister Andrews said.

“It calls for more capability development and partnerships to better capture this market.

“Across Australia, there are 45 research institutes and universities, 32 companies and over 300 research group and labs, employing 1,200 researchers in the sector, and there is a strong base for future development.”

The MTPConnect report was funded under the Industry Growth Centres Initiative and is another example of how the Coalition Government supports companies to partner up and take advantage of commercialisation opportunities.

The Industry Growth Centres Initiative aims to drive innovation, productivity and competitiveness. The Coalition is funding six Growth Centres in sectors of competitive strength and strategic priority.

For more information about MTPConnect visit www.mtpconnect.org.au

Media contact: Minister Andrews' office 02 6277 7070