Biotech industry growing

Employment in the Australian biotech sector has doubled over the last two years, according to an industry survey conducted by Innovation Dynamics Pty Ltd.

The survey data showed that Australian-based employment in core biotech firms grew from 6100 employees in late 2004 to at least 12,100 employees in late 2006. "This massive increase in employment over the past two years was revealing," said Dr Lyndal Thorburn, managing director of Innovation Dynamics. "Despite the tightness in funding over the past year, companies have been very busy, reflecting an immense growth and maturity in the biotechnology industry," she said.

"The survey revealed that this growth is mainly due to increase in size of existing biotechnology companies," she said. "This reflects the strengthening of the Australian biotechnology sector as many companies are progressing toward later stages of drug development, and an increasing number have products on the market."

Dr Thorburn said that in 2007, as the sector continues to mature and companies move down the product development pipeline, there will be a significantly increased demand for skill development and a need for extra staff in regulatory affairs, marketing and management.

"These are all very positive signs for the future of the Australian biotechnology industry," she explained. This increased growth and maturity in the Australian biotechnology sector will enable it to strongly compete on the international stage," she said.

The phone survey, conducted by Innovation Dynamics over Christmas/New Year, obtained information from almost 50% of the 440 core biotech companies currently headquartered in Australia. Innovation Dynamics applied accepted statistical techniques to scale up the data from the survey to estimate the total employment base nationally.

Innovation Dynamics provides independent, high-quality advice to technology-based organisations and companies to help them reach the market, to grow and to commercialise their products. The company services a broad range of clients who benefit from its expertise in business, commercialisation, innovation and in-depth knowledge of many technology-based sectors.