The Australian life sciences sector has grown by an astonishing 43 per cent over the past five years, signifying a dramatic shift in its trajectory. Traditionally reliant on multinational corporations for pharmaceuticals, medical goods, and devices, the industry’s direction was profoundly altered by the outbreak of COVID-19.
As the global supply chain faced vulnerabilities, the adaptability of Australia’s life sciences sector shone brightly due to the Australian Trusted Trader programme, which accelerated customs clearance and enhanced supply chain efficiency. This enhancement benefitted the life sciences sector by ensuring the timely availability of critical medical supplies and reduced delays, heralding a new era of investment, growth, and innovation.
With research and development thriving, combined with an increased demand for locally produced biopharmaceuticals to ensure medical supply chains are reliable, Australia is actively striving to rise as a global life sciences hub. The landscape is awash with promising investments, encompassing substantial commitments to health and innovation districts, life sciences R&D, biomedical hubs, and an expansion of medical equipment manufacturing capacity. Collectively, these investments solidify Australia’s aspiration to assume a pioneering role in global life sciences.
This story is from the BioSpectrum Asia Oct 2023 edition of BioSpectrum Asia.
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This story is from the BioSpectrum Asia Oct 2023 edition of BioSpectrum Asia.
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