The Australian biotech sector is on a strong mode of action. Tremendous growth in North East Asian biotechnology development and spending has prompted Austrade to encourage Australian businesses to capitalize and participate in key biotechnology related events this year.
Australian Government Minister for Trade Mr Warren Truss said growth in investment in the biotechnology sectors of markets such as Japan, China, South Korea, Taiwan and Hong Kong has been astronomical. “Japan, Australia’s top export destination, boasts a $73 billion pharmaceutical market and the highest per capita spending on healthcare in the world, estimated to reach $8.5 trillion by 2010. The Japanese Government is also aiming to boost the value of its biotechnology industries to $25.3 billion by 2010,” said Mr Truss.
“China’s total spending on research and development as a percentage of GDP has doubled in 10 years, from $20.7 billion in 1995 to $114.5 billion in 2004, now ranking second only to the USA. South Korea, Australia’s third biggest export destination has set a goal to make its biotech sector the largest in the world by 2016. In addition, Taiwan has invested $6 billion since 2002 to enhance the global position of its rapidly growing biotech sector –regarded as a star industry for their economy in the 21st Century,” asserted Mr Truss.
Austrade’s Regional Director for North East Asia Mr Laurie Smith said Australia is the top ranking biotechnology location in the Asia Pacific with half of Australia’s 420 estimated biotechnology companies exporting more than 50 per cent of sales. He said that Australia’s biotech sector is well-placed to complement and benefit from growth in North East Asia’s biotechnology industries.
Austrade’s Taipei office helped one of Australia’s top innovative biotech companies, Cochlear Ltd secure the company’s largest ever order worth $300 million. Austrade assisted by developing connections, which lead to an order for 15,000 sets of Cochlear’s leading edge, implant devices to help children with hearing impairment in Taiwan and China.
Austrade’s Senior Business Development Manager in Taipei Mr Alfred Huang, assisted Victoria’s CSL Bioplasma, a division of CSL, to secure a lucrative multi- million deal for the company’s bioplasma services. Their products will be used to help Taiwan implement a policy of plasma self-sufficiency, a World Health Organization recommendation to ensure an adequate, safe and secure supply of life-saving blood products.
Sydney’s BTF, named in the Deloitte Technology Fast 500 Asia Pacific list of emerging companies for the second consecutive year this March, also recently signed a distribution agreement in Japan for their world-leading bacteria testing products.
Austrade is actively seeking participation from Australian businesses in a number of events in 2007 including the Bio Taiwan Exhibition 2007, which will feature an Australian booth for the first time. Delegations from Japan, China, Taiwan, and Hong Kong will also attend AusBiotech, Australia’s premier biotechnology trade event in Brisbane between October 21 and 24, 2007.
In Taiwan, Australian biotech companies will have the opportunity to demonstrate their capabilities and meet potential business partners through the APEC Biotechnology conference (July 23, Taipei), the BioBusiness Asia Conference (July 24–26, Taipei) and the Bio Taiwan Exhibition (July 29, Taipei), followed by the second annual Bio Korea event (September 12–14, Seoul) and BioJapan (September 19–21, Yokohama).
“Both Bio Korea and BioJapan generated export sales for Australian biotechnology companies in 2006, and with Aussie biotechs awakening to the potential of North East Asia, Austrade expects a significantly larger Australian presence to all events in 2007,” Mr Smith said.
In the 2005–06 financial year Austrade assisted 50 biomedical companies to achieve 130 export sales totaling over $200 million. In the same period, 33 biotechnology companies received a total of $1.2 million in financial assistance through the Export Market Development Scheme.