AusBiotech Special: Australia's Place in the Global Gravity Shift (Australia)
This article was originally published in PharmAsia News
According to figures compiled by PricewaterhouseCoopers (PwC), the Australian biotech industry is currently worth more than $30 billion. The majority of that revenue comes from the country's three leading companies, CSL, Cochlear, and Resmed. Experts predict the market will continue to grow by about 10 percent each year for the next three years. To encourage further growth, Australian companies need to be aware of the shifting balance in the pharmaceutical and biotechnology fields. Over the next few years, Asian countries are expected to take the reigns from the United States and Europe when it comes to both production and demand for medications. A PwC survey found that 55 percent of international companies and 62 percent of domestic companies project Asia will become the center of the global pharmaceutical market. In preparation for this shift, experts recommend Australian biotech companies form alliances with Asian entities, especially those based in China, Japan, India, and Singapore. (Click here for more - May Require Paid Subscription
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