A report to be released tomorrow identifies signs of maturity in Australian biotechnology along with a continued need for early stage investment support.
The Beyond Discovery 2007 report looks at the research origins and commercial experiences of 68 health biotech companies in Australia.
“While it is still early days for Australian biotechnology, there are promising signs of growth and maturity in the sector,” Research Australia CEO Rebecca James said.
The main findings of the survey were:
- 25% of respondents had revenues of between $2 and $10 million;
- 10% of respondents had revenues in excess of $10 million per annum;
- Most biotechs are in the start up phase (32%) with revenues below $2 million;
- Almost half the companies surveyed (49%) derived incomes from selling products or services and one third (34%) from licensing Intellectual property;
- 10% reported they are profitable;
- 41% are currently exporting, and 60% are planning to export in the next 12 months;
- Companies are increasingly contributing to early research - up from 15% in 2004 to 24% in 2007 – now similar to that from universities (21%);
- The need for funding remains the most significant hurdle (56%) for advancement;
- A significant increase in access to government funding support, up from 17% in 2004 to 26% in 2007;
- Over half the companies have difficulty in attracting appropriate staff.
The study, to be launched in Brisbane by Queensland Chief Scientist, Professor Peter Andrews was conducted by Dr Noel Chambers, of Centuris, and guided by a steering committee Chaired by Professor Michael Vitale, Director, Commercialisation, Monash Asia- Pacific Centre for Science and Wealth Creation.
“Research Australia thanks AusBiotech and Medicines Australia for their participation and support for the study, along with GlaxoSmithKline and contributors,” Ms James said.
About Research Australia
Research Australia is a national alliance of over 190 member and donor organisations with a common mission to make health and medical research a higher national priority. To access the report visit www.researchaustralia.org
Enquiries: Rebecca James 0408 120 241, Dr Noel Chambers 0412 357 893