Australia: a thriving life science hub with global reach
Life science innovation in Australia has a proven track-record, with a vaccine to present cervical cancer and a medical device enabling deaf patients to hear among the most-often-cited examples.
Australia is a world-leading location for the life sciences and has been ranked among the top five in biotechnology innovation for the third consecutive year. Australian Government policy and funding programs seek to advance Australia’s strength in medical technology, digital health, agritech and foodtech, therapeutics, regenerative medicine and other key areas of the life sciences. It produced the 12th highest output on the Nature Index Australia ranked fifth this year, measured by IP protection, intensity (ranked #3), enterprise support, workforce/education (ranked #4), productivity (ranked #2), policy and stability. Australia also ranked in the global top three on four indicators1:
- #3 Greatest public company revenues
- #2 Most public companies
- #2 Most public company employees
- #2 Largest biotech public markets
A robust and rapidly growing industry
The ASX-listed Australian life science industry is valued at AU$100.042 billion and comprises of around 100 companies2. The industry raised AU$1.384 billion in capital in 20163 and is expected to grow by 4.4% annually, reaching a projected AU$8.67 billion in aggregate revenues by 20214. It employs over 48,000 Australians in high-value STEM jobs and is a leading location for life science companies in the Asia Pacific region, with around 300 biotech and 400 medtech companies.
Global trade and investment partner
Australia has benefitted from 26 consecutive years of economic growth and the country’s economic growth rate is forecast to be the highest among major advanced economies over the next five years5.
The R&D Tax Incentive, Australia’s flagship innovation program, offers increased access for international companies and provides businesses with generous tax offsets for eligible R&D activity. Other government support programs include the Medical Research Future Fund (MRFF), to support research and innovation in medical research; the Biomedical Translation Fund (BTF), stimulating private investment in the sector; and the MTPConnect Project Fund Program, providing funding to projects in the medtech, biotech and pharmaceutical sector.
World-class clinical trials capabilities
Pharmaceutical, biotechnology and medical device companies commence around 1,000 new clinical trials each year to represent an AU$1 billion investment6. Our strength in clinical trials is characterised by:
- Quality medical research infrastructure, a skilled workforce and world-class healthcare system
- An efficient regulatory pathway and compliance with high international standards for data
- Intellectual property, ranked 11th most secure in the world
- An ethnically diverse, English-speaking population and close proximity to Asia
Regional distribution
There are major life science precincts in New South Wales, Queensland, South Australia and Victoria. Companies and research institutions can be found in the other Australian state and territories including Western Australia, Tasmania, the Northern Territory and the Australian Capital Territory (ACT).
- Scientific American Worldview 2016
- Australasian Biotechnology, vol. 27, no.1, AusBiotech, 2017
- Bioshares, December 2016
- Bio-Savvy: how Australia can build a stronger biotechnology industry, McKell Institute, 2016
- Australia Benchmark Report, Austrade, 2017
- Clinical Trials Capability Report, Austrade 2015