The exciting field of stem cell research continues to create new methods and treatments for a variety of conditions, but some Australian scientists say the country could be doing much more.

A meeting in Sydney late last week saw some of the top minds in the local stem cell sector gather to discuss ways to ramp up research and innovation in the life-saving medical avenue.

The summit of doctors and researchers said Australia is falling behind other world leaders in stem cell research, and it is too big an opportunity to miss out on.

The nation faces several industrial, economic and social barriers to take full advantage of the possibilities, according to researcher Dr Peter Mountford from Victoria’s Public Systems Innovation.

“Australia's performance in realising value for its innovation investment has always been a challenge,” Dr Mountford says.

“It's the same challenge that Singapore faces and Ireland faces as small countries trying to compete with major technology providers like America... if we want to go and sell a cell therapy that we've developed here in Australia, we have to pack our bags and head off to America and find someone who'll market it for us or deliver it for us, and that usually means a dilution in the value to us.”

The leading stem cell scientists say there are lessons to be taken from efforts to boost the industry in the US and Japan.

“It's interesting that the Californian model, they're putting up $3 billion for this particular field of research and endeavour with the view that they might reproduce something like Silicon Valley in a new technology area,” Dr Mountford said.

“They haven't set out to protect their industry. What they've set out to protect is the price of the therapy that will evolve. And so if you take a grant in California using California money, you must guarantee that if any therapy comes of that money that Californians will be able to access it cheaply.”

Director of the New South Wales Stem Cell Network, Professor Bernie Tuch, agrees.

“California is a classic example where large sums of money have been given to promote the stem cell community,” Dr Tuch said

“The Japanese for example only last week have planted on the international scene the idea of getting to market faster with cell therapies by bypassing phase three development...as I understand it, the Japanese are saying well, show us that the cell therapy is safe and then you can apply for marketing. That's a big fast step forward,” he said.

“The fact that Yamanaka won the Nobel Prize last year with some pioneering work with induced pluripotent stem cells, you can understand why the Japanese wish to push that boundary. I don't believe Australia is well set up to pursue that goal.

“In fact we have not yet asked our regulators to look at embryonic stem cells, which will push the boundaries,” Dr Tuch concluded.