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A powerhouse for science and innovation
Excellent research facilities, world-class scientists and a strong but flexible regulatory regime have made Australia a powerhouse of biotechnology and pharmaceutical innovation. In a recent international benchmarking study by the EIU, Australia ranked second overall for the competitiveness of its biotechnology and first as a location to conduct clinical trials. (The study analysed the biotechnology sectors of US, UK, Germany, India, Japan and Singapore according to a range of industry indicators, including clinical trials, the IP system, and the regulatory, business and investment environments).
This competitiveness has helped Australia become home to a thriving network of 400 biotechnology companies. Of these, 49 per cent are involved in therapeutics, 15 percent in agricultural biotechnology and 13 per cent in diagnostics.
The vibrancy of the biotechnology sector attracts strong international attention. In 2007, the BioIndustry Review reported that in the previous 12 months, 345 cross-border alliances had been announced involving Australian life sciences companies and organisations based overseas. This constitutes two-thirds of the total number of alliances that have ever been announced between Australian and overseas biotechnology companies.
Of special interest is a recent change in taxation. Starting in 2007, multinational enterprises that conduct R&D in Australia, but hold the associated IP in their home jurisdictions, can gain access to an R&D tax concession worth 175 per cent of their R&D investment.
Key sectors
Australia provides opportunities in biomedical, diagnostics, medical devices, and agri-biotech. Australia has:
- Significant opportunities in cross-sectoral areas such as clinical trials, proteomics and biodiscovery.
- A leading location for biotechnology companies in Asia Pacific with 470 core biotechnology companies - 49% which are in human therapeutics.
- A well-established medical device industry, a strong position in nano-biotechnology, and is internationally regarded for its expertise in stem cell research.
Useful links
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