The European Cluster Collaboration Platform has reported recently on the the Australian biotechnology industry, which is considered to be one of the most important biotech sectors in the world.
In terms of the number of companies, the industry is ranked first in the Asian-Pacific area and it is sixth rank of the global market, which makes Australia a leading country in this sector worldwide. The biotech sector in Australia brought €4,9 billion ($7,3 billion AUD) incomes in 2016, for an average of 4% annual growth for the last 5 years (period 2012-2017). Governmental program funding and strong foreign investments have led to a lot of cooperation partnerships with non-Australian companies have stimulated industrial performance in this fast-growing sector. A growth of 4,3% per year is expected for the next few years (period 2017-2022). The biotech industry is now heavily supported by governmental policies, as it is targeted by the National Biotechnology Strategy and has a ministerial organisation dedicated to it: the Commonwealth Biotechnology Ministerial Council.