World-renowned advisory firm KPMG has partnered with the American Chamber of Commerce in Australia (AmCham Australia) to release "A Prosperous Future: Biotech", the fifth edition of a report series in which they examine the six industries they believe will shape the economic and strategic partnership between the US and Australia for the next 50 years, including AI, Quantum Science, Digital Economy, Space, Clean Energy and Biotechnology.
St Vincent's Hospital Melbourne's Deputy Director of Research, Professor Tam C. Nguyen, outlined the report's key findings on the current state and future of the Biotech industry:
• Australia’s biotech industry was ranked fifth in the world in terms of research and translation.
• Health biotechnology is the largest generator of revenue in the US biotechnology industry; KPMG modelling predicts it will continue to grow over the coming years due to a global increase in the prevalence of chronic disease and cancer, + uptick of R&D in the biopharmaceutical industry.
• Australia’s renowned research and clinical trials capabilities, growing biotech industry and increasing investments in manufacturing can help bolster biotech breakthroughs.
• In 2022, Australia exported US$812 million worth of biotech products to the United States, becoming the 15th largest exporter.
• KPMG modelling indicates that by the end of the decade, achieving accelerated growth could result in:
• US$10 billion in exports to the United States, and
• 34,000 specialised, high paid jobs associated with this US trade uplift.
The report also outlines these four factors that biotech businesses should focus on for success:
• Market validation and product differentiation are critical.
• Deep understanding of the reimbursement landscape can determine commercial success.
• Build a global network and have a deep understanding of US partners’ needs.
• Leverage strengths in R&D and early product development.
• Foster collaboration between research and industry to boost commercialisation.
Life Sciences Queensland CEO Dr. Erin Evans expressed her excitement for the reports findings, particularly noting the "great growth opportunities ahead" for the Biotech industry at large.
If you'd like to read the report, you can do so through this link: