Brumby To Seek Partnerships At Science Talkfest
The Age
Saturday June 14, 2008
ACCORDING to one chief executive, it's a bit like speed dating. After being matched with those who share similar interests, a courtship takes place over a 30-minute timeslot. The stakes are potentially high - after all, it could be the chance to find yourself a partner.
This wooing of prospective associates is all part of this week's BIO 2008 convention in San Diego. The annual event is the world's biggest gathering of biotechnology types, billed as the place for them to network, spruik their wares and perfect their pitch.More than 20,000 delegates, such as government representatives, company chiefs, and researchers, are expected in the coastal Californian town for the conference. The contingent from Australia - which includes about 160 Victorians - will be one of the largest at this year's BIO, along with Britain, Germany and France.But with the Biotechnology Industry Organisation-hosted event growing each year, parts of the sector are beginning to wonder if the convention has become a victim of its own success, saying more meaningful and intimate discussions can be found at smaller conferences."Certainly it (BIO) is awesome for international connections because everyone is there," said Titan BioVentures managing director Harry Karelis. "The only issue is that the important people that are there are being chased by 9000 other people."Avexa chief executive Julian Chick agreed BIO might not be the best way for small companies to attract the attention of the pharmaceutical behemoths. "The large pharma companies pretty much have full dance cards from 7.30 in the morning to 5 o'clock at night," Dr Chick said. "If you've got something of true interest, it's probably better to spend two weeks travelling around North America going directly to them."That might be the view of some, but Victorian Premier and BIO veteran John Brumby is one who remains a strong believer in the value of attending the annual talkfest. Yesterday he outlined some of the broad expectations he had for this year's BIO trip. "It's about partnerships, it's about attracting investment, it's about branding Melbourne," he said. "I think we achieve a huge amount for this state through attending BIO."Victorian highlights from previous BIOs include a $10 million agreement signed between Acrux and Eli Lilly that came from the 2002 delegation to Toronto, while Biota Holdings announced a $100 million-plus deal with MedImmune in 2005, two years after discussions started at a BIO in Washington, DC. A survey of the Victorian delegation to last year's event reported foreign direct investment, R&D deals, technology licensing agreements and clinical trial contracts worth $113.4 million.A Government spokesman said the total cost of the trip to taxpayers - even an estimate - could not be provided until the end of the trip. He said costs of travel for ministers were published four times a year on the Department of Innovation, Industry and Regional Development website. The Premier is travelling with two advisers, and Innovation Minister Gavin Jennings with one. The Victorian Government does not provide funds to cover the travel costs of individual delegates, but it does sponsor a number of events at BIO, including the "Innovation Corridor", a place where innovators can present their work.This year's BIO is a return to the town where Victoria in 2001 launched its first Biotechnology Strategic Development Plan. That plan has been updated twice since, with the ultimate goal for Victoria to be one of the world's top five biotechnology locations by 2010. Mr Brumby said Victoria was already in the top five or so in a number of areas, such as stem cells, immunology and cancer research. Scott Power, senior analyst at ABN Amro Morgans, described the Government's ambition as "feasible", but it would depend on how successful the commercialisation of key companies such as ChemGenex and Avexa were. David Blake, co-editor of the Bioshares stock report, agreed the 2010 top-five goal was achievable, but it "could end up a casualty of the long-running energy, mining and resources boom".VICTORIA'S BIOTECH REIGN - Market capitalisation of Victoria's top 20 listed biotech companies is more than $21 billion - up from $7.5 billion in 2001.- Victorians sealed deals worth more than $4 billion with pharmaceutical and agricultural companies in the past three years.- Corporate R&D expenditure has grown 66%.- Victorian companies raised 43% of the $902 million raised by Australian life science companies in 2006-07.
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