Australia is acknowledged as a world-leader with high competitive advantage in the medical technologies, biotechnology and pharmaceuticals sector due to its vibrant research environment. It provides a highly skilled, cost-effective and efficient clinical trial destination and is an exciting location for local innovators.
Australia’s reputation for high-quality manufacturing has resulted in growing demand from Asia for manufactured products including pharmaceuticals – we are well positioned to compete in manufacturing that requires deep technical expertise, innovative processes, and high market responsiveness. Australia's well-structured health sector, strong research competence, diverse demographics and competitive completion times make it an attractive destination for clinical trials.
The MTP sector is a significant contributor to the Australian economy, generating c.$4.4 billion in gross economic value added (4.5% of Australia’s total manufacturing gross value added), c.$4.0 billion in annual exports from manufacturing and employing c.48,000 people across medtech (c.10,000) biotechnology, and pharmaceuticals (c.22,000), and health and medical research (c.16,000).
The sector has a vibrant ecosystem of start-ups and established companies, including over 500 medtech companies with products listed on the ARTG; approximately 50 multinational pharmaceutical companies, and more than 400 locally-owned medical biotechnology companies operating in Australia. Around one hundred medical technology, biotechnology and pharmaceutical companies are listed on the Australian Stock Exchange, with a combined market capitalisation of c.$85 billion.
Australia research industry is thriving; the National Health and Medical Research Council reports that Australia contributes c.3% of the world’s published biomedical research. Between 2001 and 2010, Australia ranked sixth in the world in terms of overall output of health and medical publications, and fifth in innovation in Scientific American Worldview 2016. There are a number of grants, funds and tax incentives available to the MTP sector in Australia – such as the Biomedical Translation Fund – supporting the growth and commercialisation of our innovative research efforts.
With easy access to the rapidly growing opportunity that is the Asia-Pacific region - home to over 60% of the world's population - Australia is well placed to forge strong linkages and pursue unique prospects in the medtech, biotech and pharmaceutical sector.