Having helped set up Animal Ethics, the company that developed the pain relief product Trisolfen, he is proud to have helped develop an innovation that not only reduces pain after mulesing but could have a role in farm procedures worldwide.

But ongoing research and development costs are enormous and any moneys made are being swallowed in further research into this brand new market segment of farm animal pain.

"Every dollar this company makes over the foreseeable future is being ploughed back into research, this is a high risk strategy that may not return for five years," he said.

Mr Olsson has been slammed for his recent calls for woolgrowers to continue mulesing beyond 2010, which is in stark contrast to the AWI board line.

He has also been accused of pushing a pain relief product his family has a strong financial interest in.

But Mr Olsson says he has been quite open about his family's interest in Trisolfen.

It was developed by researcher and fellow director of Animal Ethics, Dr Meredith Sheil.

Dr Sheil, a pediatrician, director Allan Giffard, and Mr Olsson's wife Michelle have all invested heavily in the development of the product.

All three have borrowed against their own assets to set the company up.

Bayer Animal Health bought the distribution rights to Trisolfen in 2006 and estimates the product will be used on 35pc of lambs mulesed this year.

Mr Olsson said income from the sale of the license and other sources such as grants and donations, was now being invested into new product development for dehorning, castration and tail docking of all ruminants, as well as products for use in companion animals and treatment of wounds in horses.

He said Animal Ethics was also exploring applications of multi-function anesthetic wound care for use in humans in open wounds, emergency situations such as car or industrial accidents, earthquakes, war zones and for Australian soldiers in battle conditions.

Mr Olsson said on election to the board of AWI last year he had resigned as a director of Animal Ethics.

"My wife elected to keep her shares and financial commitment to the company to support its ongoing work," he said.

"I fully disclosed my family's interests in Animal Ethics Pty Ltd to the AWI board, in writing and verbally, and have offered to absent myself on any occasions where appropriate regarding any possible conflict of interest, and will continue to do so, as all company directors should do."

Groups such as the Australian Association of Stud Merino breeders have congratulated Mr Olsson for being part of such a development - one of few pro-active developments in the whole mulesing crisis.

But others such as WoolProducers Australia are concerned Mr Olsson has not fully declared his financial interest to the growers that voted for him at the AWI board elections last year on the platform of mulesing beyond 2010.

Since then, AWI, WoolProducers, giant retailers such as R&B, welfare groups such as the RSPCA and even animal rights groups such as Animal Liberation have endorsed the use of Trisolfen as an interim welfare solution while mulesing continues.

Mr Olsson said he believed there was great hope for the wool industry as long as politics could be put aside and the market would decide how the mulesing debate evolves.

While he backed AWI for doing all it could to find mulesing alternatives and meet the needs of retailers, he added the 2010 date had become irrelevant as retailers could now source unmulesed wool if they wanted it and they could also source wool from producers who practiced humane animal surgery.

"Surgical mulesing is still critical to the wellbeing of our sheep, and must never be abandoned until effective, economical and humane alternatives are widely available," Mr Olsson said.

"The only real solution is to breed sheep that are more resistant to flystrike, while not sacrificing sheep wool quantity or quality.

"It is time to try and put this issue to bed once and for all, and actively make retailers aware that there are various humane options available to source one of the most environmentally and animal friendly, natural and sustainable fibres in the world, and let them choose as they will.

"It is time to proudly and actively promote our wool clip once more to retailers and their customers."