Biotechs face stronger regulation of stem cell treatment
First published on STOCKHEAD – October 6th, 2017
tem cell therapy is an exciting area of medicine.
There’s something futuristic about using your own cells to heal yourself.
Research on stem cell therapy has revealed many treatment applications, and every year we find another.
Australians have had to travel overseas to receive stem cell therapies for chronic pain, nerve damage, wound treatment, even diabetes and neurodegenerative treatments.
These treatments (and clinics) haven’t always been the safest or even evidence-based, but were offered to desperate patients looking for a solution.
In recent years, Australia has been a leader in stem cell therapy applications through research undertaken in private companies and public institutions backed by a generous 43.5 per cent federal government R&D tax incentive to get innovation bubbling away in our great nation.
Victoria alone is a powerhouse for the biotech sector, employing more than 20,000 people across 150 biotech companies, 10 major medical research institutes, 10 teaching hospitals and nine universities across Victoria – generating in excess of $10 billion annually.
Dr Melanie Thomson, GM of Education, Skills and Events at MTPConnect, says they have been working with the sector to identify significant areas in which Australian researchers and developers have competitive advantage relative to our global peers, of which regenerative medicine was identified…