August 24, 2023
Recent months have seen increased discussion on the growth of Australian research and development (R&D), with research agencies, universities and the government agreeing there is a need for greater investment in the sector. The pharmaceutical industry is one of the biggest contributors to research and development in the country and is currently a burgeoning market. This puts it in a prime position to build Australia's R&D capacity. According to the latest government figures, R&D expenditure in Australia is 1.8% of GDP, which is below the OECD average of 2.67%. Government spending specifically has been declining over the years, with an average of 0.61% of GDP since 2010-11, and only 0.17% in 2020-21. It is worth noting that Australia is currently ranked 91st on the global Economic Complexity Index, while countries in the top 10, such as Japan, Germany and the United States, all spend more than 3% of their GDP on R&D, and are considered world leaders in research. Ahead of the 2022 election, Labor pledged to work towards spending “closer to…

















