Updated on 13 September 2013
Australia has a strong economy, a stable financial system and got through the global financial crisis due to its quality checks and balances.
Australia, known for providing rigorous high quality clinical research and enthusiastic investigators with centers of excellence leading to high quality clinical outcomes, has been acknowledged as the hub of clinical excellence in the Asia Pacific region.
With increased investment in Asia, some pharmaceutical companies such as Roche and GlaxoSmithKline have decided to set up hubs where there is a large volume of clinical work. This makes a lot of sense as two-thirds of the world's population is in this region. Australia could never compete with that nor would it need to. Australia continues to be known as a place of true innovation in scientific research with world-class facilities. The concepts are developed in Australia, with capital investment going to other parts of the world for production and marketing.
Australia has a strong economy, a stable financial system and got through the global financial crisis due to its quality checks and balances. Caution and care are qualities not to be taken lightly in this current climate and yet through all this, private and government funding is still occurring.
For example, the New South Wales economy is larger than each of the national economies of Hong Kong SAR, Thailand, Malaysia, Singapore, the Philippines and New Zealand, based on estimates of GDP in US dollars for 2010, according to the World Economic Outlook, October 2010, International Monetary Fund. Australia is currently ranked fifth in the world for financial development, according to The Financial Development Report 2011 - World Economic Forum.