Australia has all the elements of a major Life Sciences industry, including a strong, globally recognised research sector and a sophisticated Health system.
This sentiment is reinforced in AusBiotech’s 7th annual industry position survey, reporting the strongest year on record for the biotechnology sector.
Grant Thornton Partner & National Head of Life Sciences, Michael Cunningham interviews AusBiotech CEO, Glenn Cross on the findings of the latest survey.
However, survey findings point to a number of key considerations for the year ahead.
- Consistency of public policy is vital to ensure the success of the industry, and a consistent challenge for the Biotechnology industry.
- The Biomedical Translation fund continues to be an important initiative for the government to support.
- R&D Tax Incentive remains under treat and a concern for leaders in the industry.
- Quest for capital remains top of mind. This includes the opportunity in the Asian market and the impact this investment could have on the early stages of funding.
30% of respondent companies are exporting. The 14 companies that exported in 2016 reported a total export value of $222 million for the year, a portion of the total $4 billion in annual exports.
39 companies reported their R&D spend for 2016 at $334.5 million, of a total $901 million spend across the industry.
“With foreign jurisdictions working harder to attract our great companies to their shores, it’s critical that the Australian government introduces a globally competitive tax regime and provides the stability in the operating environment for our companies to grow and prosper.”
Michael Cunningham, Partner & National Head of Life Sciences