Gene developer says Australian economy must change
21 Aug 2013
Australia will never realise its full potential as an economy if it doesn't diversify its markets of trade, according to Benitec Biopharma's Chief Executive Officer, Dr Peter French.
The CEO whose gene silencing firm Benitec Biopharma (ASX:BLT) is working on ground breaking developments for technology to turn-off negative or variant genes that may be supporting chronic diseases such as HIV, cancer or hepatitis. Some of the work is at the stage of commencing clinicial trials in Europe and the US.
Dr French said it worked by using the RNA (Ribonucleic acid) interference system in every cell, which "inactivates" the target (disease) gene
He said Australia needed to undergo a fundamental change, from a resources-based economy to an economy which needs to be more diversified, innovative and productive.
"Australia continues to remain a narrow-based economy with a seemingly heavy reliance on mining and agriculture - we are failing to advance other innovative opportunities. Australia has to invest in innovative industries to reposition the country as a diverse -based economy.
"Currently our obsession is with the mining and agriculture sectors but there are finite limits to growth in mining and agriculture relies on the whims of climate variability. There comes a time when expansion of thought and innovation needs to be applied – that time is now," Dr French said.
Dr French cited Benitec as an example of what a company, at the forefront of a non-traditional industry, was poised to deliver to Australia's economy.
Benitec, through its R&D, has the potential to redefine how medicine treats many currently untreatable or incurable diseases using its Australian-invented "Gene Silencing Technology"(GST).
"With a single treatment, GST can permanently switch off disease-causing genes, rendering them ineffective. The Biotech sector is a shining example of how Australia should invest in what is set to be an untapped well of economic prosperity for the country – it promises to emerge as the new boom sector and with it the creation of many thousands of new jobs.
"If our Gene Silencing Technology is proven safe and effective in our first clinical trial, it is possible Benitec could, in the very near future, play a significant part in further strengthening Australia's economy.
"Benitec and other innovative companies in the sector could generate significant value for Australia through the development of our ground-breaking technologies. Governments of all political persuasions need to invest in and support the sunrise industries of biotechnology, manufacturing, agribusiness and ICT to name a few" Dr French said.
BLT Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
