Australia is ranked highly for the competitiveness of its biotechnology sector and as a prime location for conducting clinical trials, according to international benchmarking conducted by the Economist Intelligence Unit (EIU).
Due to its competitiveness, Australia is now home to a flourishing biotechnology industry comprising over 470 companies. While some of these companies are involved in agricultural biotechnology and diagnostics, the majority are focused on therapeutics.
This robust sector is supported by Australia's favourable regulatory environment, strong IP protections, and a dynamic business and investment climate, making it an attractive destination for biotech innovation and investment.
The Australian biotech market is expected to see positive growth, reaching $25.2 billion by 2025, according to a GlobalData analysis. Australia is a world leader in medical technology, digital health, agritech and foodtech, therapeutics, regenerative medicine, and other critical areas of the life sciences.
These strengths are bolstered by supportive Australian government policies and funding programs, which promote innovation and development within the sector. This robust growth trajectory underscores Australia's significant role in advancing global biotechnology and life sciences industries.
The Australian Government is making significant investments into research commercialisation and growing domestic manufacturing capability.
Key initiatives include the A$501 million Biomedical Translation Fund, the A$1.3 billion Modern Manufacturing Initiative, and A$2.2billion over 11 years for the University Research Commercialisation package.
Additionally, an agreement with the Victorian Government and global mRNA company Moderna will establish a new sovereign vaccine manufacturing facility in Australia.
These investments are aimed at enhancing the country's biotechnology and life sciences sectors, fostering innovation, and ensuring Australia remains a competitive player on the global stage.
The number of Australian biotechnology enterprises rose by 66 percent from 487 in 2008 to 810 in 2022, with the workforce increasing by 51 percent.
Australia’s strength lies in the human health sector segment, which generates more than half of the country’s biotechnology revenue.
The pharmaceutical manufacturing industry was valued at A$12.7 billion, with about 43 percent of its revenue generated from exports in 2020–21, showcasing the industry’s global nature.
Australia’s geographical location and established trade agreements in the Asia-Pacific region put the country in a favourable position to emerge as a significant supplier of biotechnology products and processes.
This geographical advantage is particularly beneficial for exports of food and medical products, allowing Australia to leverage its strong biotech sector and expand its influence and market reach in the global biotechnology landscape.
Over half (53.7 percent) of the revenue generated by Australia’s biotechnology sector is attributed to the human health sector,which generated A$5.8 billion in 2023. There are a range of biotechnology applications in this sector, including biologics and biosimilars, personalised medicine, genomics, medicinal cannabis, and regenerative medicines.
Australia is regarded as one of the best places globally to conduct clinical trials.
Clinical trials form the backbone of R&D in the life sciences and facilitate the development of therapies, cures, medical devices, and diagnostics for patients in Australia and around the world.
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