Updated on 13 September 2013
With the investment Australia has received, universities and research institutes have created hubs of excellence in genomics and molecular biology, transforming the way forward for the future of medical treatment. Australia is also culturally diverse and the wide variety of Asian languages spoken in the country has attracted international firms looking to establish regional hubs of customer service centers in the Asia Pacific.
The Jones Lang LaSalle 2013 report Asia emerging as a hub for global pharmaceutical industry describes the pattern of growth that is being witnessed in the Asia Pacific region. This growth is highly influenced by consolidation and expansion of pharmaceutical companies outside their home bases in Asia.
Globally, Japan holds second position in prescription drug sales and has Asia Pacific region's second highest total health expenditure. China is emerging as a prime candidate for research and development investment due to its talent pool and strong government support. India has the potential to become a major pharmaceutical hub. Indonesia is anticipated to rank as the sixth largest pharmaceutical market in the region by 2016 and Singapore's life sciences clusters are focusing on the high-tech aspects of research and innovation, with strong intellectual property protection laws, stable political structures and favorable tax policies. However, all this does not detract from the success and investment in research that Australia is bringing not only to the Asia Pacific market, but also to the global picture, together with its Asian partners in the region.
Australia must continue developing its innovation pipeline to be recognized as a center of excellent research to attract scientists and key stakeholders. Key partnerships will be necessary with companies and groups that understand the Australian market place, to influence across the globe without being threatened by the volume of investment and growth occurring in the neighboring countries.