Australian pharma industry R&D again tops A$1billion mark

The Australian pharmaceutical industry’s R&D investment has exceeded A$1 billion ($984.6 million) for the second successive year, according to the annual Australian Bureau of Statistics business expenditure report on R&D released yesterday.

The ABS figures show that the medicines industry attracted A$1.002 billion in R&D investment in 2009-10. The drug industry’s R&D investment was the third largest by area of business expenditure, behind financial services and mining.

Trade group Medicines Australia’s chief executive, Brendan Shaw, said the ABS data highlighted the value of the Australian medicines industry to the national economy, noting: “These figures confirm Australia’s reputation as a global centre for R&D excellence. This is a strong performance and we can consolidate it if we continue to take steps towards maintaining Australia’s global competitiveness as a destination for R&D investment. Australia boasts some of the best scientists and research infrastructure in the world. That is an advantage we must continue to capitalize on.”