Industry Analysis & Industry Trends
The Australian biotechnology industry is one of the largest in the world. Biotechnology is an increasingly important part of product development in a variety of industries. Biotechnology refers to the use of living organisms, or their products, to modify human health and the environment. While genetically modified products remain controversial, attitudes are beginning to change and there has been increasing acceptance of the process in agricultural industries and across other sectors.
Biotechnology companies often use research that began in higher education, public and not-for-profit research organisations. While company stock sales and interest income fund a large amount of biotech R&D, funding largely comes from government and non-profit organisations... purchase to read more
Industry Report - Industry Investment Chapter
The industry relies on skilled labour for R&D and product development, with a heavy reliance on scientists and clinical trial staff. The industry also employs people for advanced manufacturing functions, sales, marketing and distribution. Labour costs account for just under one quarter of industry revenue. This high level of labour costs is due to the industry's need for highly qualified employees.
The industry also requires significant capital investments. The scientific instruments and equipment used for R&D activities are often highly specialised and expensive. According to the Australian Science, Technology and Engineering Council, about 95% of equipment used in basic research is imported... purchase to read more