Newsroom.

A new sector ‘snapshot’ has revealed  the magnitude of the life sciences sector for the first time, confirming that there are approximately 232,218 people employed in the Australian life sciences sector, across 1,653 organisations.

The Australian life sciences sector is a growing and maturing sector in Australia, with the nation well established as a leading location globally, encompassing companies in industry, funding bodies, government & regulatory, research institutes and support services .

The Snapshot 2017, was commissioned by AusBiotech to provide a comprehensive overview of the life sciences sector within Australia, in terms of company and employment numbers, sectors, states and gender distribution.

Positioned in the world’s top five for the past three years, the research shows that 53 per cent of life sciences organisations in Australia are industry-based, with 875 companies and approximately 30 per cent of the workforce in the sector is employed by industry, at around 69,109 people^[1].

The Australian life sciences industry sector, once dominated by human therapeutics companies, now has 281 therapeutics companies and includes the larger and fast-growing sector in medical technology (devices and diagnostics) and digital health (325 companies), as well as a steadily-emerging sector in agriculture and food technology (270 companies).

CEO of AusBiotech Mr Glenn Cross said: “This Snapshot confirms that the life sciences sector is a significant economic driver for Australia; it is a major employer of high-value jobs and Australia is globally competitive in the life sciences.”

With respect to industry credentials, there are currently about 140 ASX-listed life sciences companies, with a market capitalisation of more than $50 billion.

Out of 875 companies in the industry sector, the majority are based in New South Wales (322), employing just over 26,000 people, closely followed by Victoria with 309 companies and the sector employing about 25,000 people.

Of the industry sector, about 84 per cent are SMEs^[2], which represents 732 of the companies within the industry sector.

Research institutes are the second largest employers in the sector, with approximately 65,780 employees. Of the research undertaken in these organisations, 69 per cent is on health and biomedical research, and 70 per cent of the research organisations are based in New South Wales (78) and Victoria (74).

In terms of gender equity, while female representation is around or above 50 per cent for research institutes, funding bodies, government & regulatory and support services, females are under-represented in industry, with only 30 per cent of the workforce found to be female. While pharmaceutical companies are leading the away on 45 per cent, across the sector, female representation decreases as seniority levels increase.

The large workforce shown in this Snapshot 2017 depicts a thriving Australian life sciences sector that is active and substantial – and well positioned to build Australia’s capacity as a technologically-innovative country, vital for our economic future. It is largely agreed that high-tech industries generate globally competitive economies and sustainable, high-skilled jobs and Australia can compete on a world stage in the knowledge economy with a strong comparative advantage.

Along with the global trend, the shift from industrialisation to service and knowledge industries is pervasive and governments around the world are making strong and large commitments to build the foundation stones of innovation-driven economies. We live in a time where technological innovation, knowledge and networking are the drivers of our productivity. Australia has expertise and ballast in these areas to leverage to our economy’s advantage.

The full report can be found here.

^[1] Consisting of medical technology & digital health, pharmaceuticals and food & agriculture companies.
^[2] As defined by the project, SMEs are companies that employ less than 100 people.