1. Life Sciences Queensland Limited
(LSQ) is an Australian industry-led organization working to assist the growth
of individual firms and organizations and to enhance Queensland’s national and
international reputation as a center of commercial and research excellence in
life sciences. Please explain LSQ’s strategies, mission, and activities to our
readers.
Life Sciences Queensland Limited
(LSQ) is an active Australian industry group that was established to assist
those entities that use R&D across the life sciences as part of their
business endeavors. Specifically, we are most interested in the outcomes of the
R&D. It seems that this interest is now best described as the role of life
sciences innovation in economic development.
Like other peak industry groups, we
exist to assist and promote the interests of our members. We do so by
identifying and interacting with key international counterparts so that our
members and the stakeholders of our counterparts (from across the globe) have
opportunity to meet and to explore opportunities to get to know each other –
and when the circumstances are appropriate – to work together.
Our engagement strategy is across a
few areas. Once we have identified various stakeholders, we create fora
(physical and virtual) to enable them to interact. We work to deliver to them
contacts, services and initiatives that they would not do by themselves
(because they haven’t recognized the need, or they don’t have the resources to
do it).
Through our constant market outreach
activities, we try to identify and/or create opportunities that our members
might be able to seize. Where possible and of interest to our members, we
arrange and facilitate a coordinated approach to business meetings – especially
in relation to trade missions (inbound or outbound).
Our high level of activity and
interaction positions us well to play a leading role in influencing public
policy – and our bipartisan approach generally serves the broadest interests of
all our stakeholders.
2. We see that LSQ provides diverse
products and services to its members. Can you explain what benefits members
would receive from working with LSQ?
LSQ has a dedicated team of
professionals who are focused on assisting and representing members to gain
opportunities and to leverage the network of capabilities – both from within
the membership – and also throughout our international alliances. This assists
all stakeholders - and serves to strengthen the alliances that have been
established.
In many cases, our members may not
be in a position by themselves to seek out the broad range of stakeholders that
LSQ has managed to identify and engage.
Also, as a highly visible and active
advocate for the role of life sciences innovation and the role it plays in
economic development, LSQ is a highly regarded and effective voice for industry
– representing industry’s needs and aspirations to our elected officials - at
all levels of government and in a bipartisan manner.
3. LSQ is a key channel for building
and maintaining a globally competitive sector in Australia. As an entrepreneur,
what would you say are the top three priority assets or skill sets needed for
to be successful in the global life sciences industry?
When creating anything, you need to
have a clear vision of what you are trying to achieve. You need to recognize
what skills you have (either personally or across the stakeholder group) and
you must then identify those individuals (or other stakeholder groups) who can
complement and help grow your capabilities. This is key because collaboration
is essential to establishing and growing any enterprise.
You need to be bold – ask the “what
if” questions and be prepared to back yourself (and your partners) to be able
to achieve your goals and ambitions.
It is important to learn the lessons
from others who have been successful (and even from those who may not have
enjoyed success) and use these experiences to inform what you should do.
Above all – get started! Don’t wait
until it is “perfect” before you start – otherwise you will never start. Also,
while never losing sight of the goal, be prepared to “flex and pivot” if that
is what is needed. Lastly, never give up.
4. As a CEO of LSQ what do you think
is the most important issue in the life sciences industry? How do you forecast
global life sciences industry will be like in the next five years?
Life sciences innovation is crucial
for our survival – as ultimately this is the sector that will deliver the
products that will feed, fuel and heal the peoples of the world. Life sciences
innovation requires relatively long-time frames, can be very expensive, and
involves technical risk.
All of these things mean that the
life cycle from idea to delivery usually takes several years. Because it does
take several years, this invariably means that it will involve several
political cycles – therefore bipartisan support and stable policy arrangements
are crucial to an efficient and effective life sciences sector.
With the recent political changes in
several jurisdictions around the world, we are seeing that the previous
bipartisan support for the knowledge-based ecosystem is under extreme pressure
as new political leaders try to engage with their constituents in ways that may
challenge existing international relationships and global supply chains. These
new interactions cause uncertainty and political instability – in turn causing
investment in life sciences to be perceived to be riskier.
5. WKMJ has readers from over 10
countries globally. Please share your final words or thoughts with our readers.
Life sciences innovation is not for
the faint-hearted. You need patience and the ability to work with several (and
many) stakeholders at any time – and from all over the world. You will face
challenges, from technical, to regulatory, to financial – but those who prevail
will bring to the world those outcomes that will feed, fuel and heal the world.
The possibilities are endless, and the results priceless. Also remember, never
give up! Never give up! Never give up!
Mario Pennisi
Chief Executive Officer, Life
Sciences Queensland