Australian Biotech industry confident, despite economic woes

The annual Biotechnology Industry Position Survey shows the bullish sentiment for the Australian industry’s future continues, while the operating environment (economic and public policy) remains a concern. The survey was undertaken by AusBiotech and Grant Thornton Australia.

The industry’s confidence, reported in 2011, continues with 82% of respondents expecting their business to grow in the coming year, while 68% characterised last year as a good or excellent year. The expansionary approach to employment that emerged during 2009 persists with a majority of companies (58%) indicating they will increase staffing numbers in the coming year.

However, the Australian operating environment (economic and public policy) remains a concern for the growth of biotechnology companies, with two in five companies (38%) saying it was working against their growth.