New 'snapshot' reveals significant growth for Australian biotechnology sector

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Australia's biotechnology sector has grown by more than 40 per cent in the past two years according to a new 'snapshot' released by AusBiotech.

The association said its 'Australian Biotechnology Sector Snapshot' reveals growth of 43 per cent since 2019 and 60 per cent since 2017.

The number of people employed by biotechnology companies has also grown by 21 per cent since 2019 and now exceeds 100,000. Overall, the sector is comprised of over 2,600 organisations with more than 263,000 employees.

AusBiotech said it commissioned the snapshot to provide an update on the sector's growth in recent years.

According to CEO Lorraine Chiroiu, “This Snapshot recognises the sovereign value of our Australian biotechnology sector and its place as a significant economic and social driver for our country.

“The substantial strength of the life sciences sector, shown in the Sector Snapshot 2022 through the substantially increasing numbers of organisations and the people employed within it, depicts an actively thriving ecosystem. This maturity is a key factor for the industry’s ability to attract and retain high-value jobs and backs its ability to compete on the world stage in a knowledge-based economy.”

The number of publicly listed life sciences companies grew from 161 in 2019 to now sit close to 200. They have a combined market capitalisation of $233 billion.

Australia's life sciences sector is significantly based in New South Wales and Victoria but Queensland is increasingly present having recorded 60 per cent growth in recent years.