Australia has a strong history of life science innovation, with achievements such as the development of a vaccine for cervical cancer and a medical device that enables hearing-impaired patients to hear, frequently cited as exemplary cases.

Consistently ranked among the top five globally in biotechnology innovation for the third consecutive year, Australia serves as a leading hub in the life sciences field. Government policies and funding initiatives aim to bolster Australia's expertise in various sectors, including medical technology, digital health, agritech, foodtech, therapeutics, and regenerative medicine. Notably, Australia ranked fifth this year in the Nature Index, demonstrating its significant output. Rankings were based on factors such as intellectual property protection, innovation intensity (ranked third), support for enterprise, workforce and education (ranked fourth), productivity (ranked second), and policy stability.

Global trade and investment partner

Australia has experienced 26 consecutive years of economic expansion, with projections indicating that its economic growth rate will surpass that of other major advanced economies in the next five years.

The R&D Tax Incentive, Australia's primary innovation initiative, has been enhanced to facilitate greater participation from international companies, offering substantial tax incentives to businesses engaged in eligible research and development activities. Additional governmental support initiatives include the Medical Research Future Fund (MRFF), aimed at fostering research and innovation in medical sciences; the Biomedical Translation Fund (BTF), designed to stimulate private investment within the sector; and the MTPConnect Project Fund Program, which allocates funding to projects in the medical technology, biotechnology, and pharmaceutical domains.

World-class clinical trials capabilities

Every year, pharmaceutical, biotechnology, and medical device companies initiate approximately 1,000 new clinical trials, amounting to an investment of AU$1 billion. Our proficiency in clinical trials is marked by:

• High-quality medical research infrastructure, a proficient workforce, and an exceptional healthcare system
• Streamlined regulatory procedures and adherence to rigorous international data standards
• Intellectual property safeguards, ranked as the 11th most secure globally
• A culturally diverse population fluent in English and strategic proximity to Asia