Australia’s relationship with the United States (US) is economically and strategically significant for both countries.
As we face a future filled with complex technological, geopolitical, economic, environmental and social challenges, strong US and Australia relations are critically important.
These pressures are increasing and will test the resilience of both nations, but also create exciting new opportunities for business collaboration.
KPMG has partnered with AmCham in Australia to examine the industries we believe will shape the future economic and strategic partnership between the US and Australia for the next 50 years. This report focuses on how biotech provides significant opportunities for collaboration.
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A Prosperous Future: Biotech
Biotechnology opportunities for Australia and the United States.
Report highlights
- Australia’s biotechnology industry has a strong global reputation for research and translation. The Department of Health has committed to supporting world-class research and innovation, quality biopharmaceutical and medical tech products, access to international markets, continued high quality research and a globally recognised Australian medical products industry with local manufacturing capabilities.
- In the US, health biotechnology is the largest generator of revenue in the biotechnology industry; KPMG modelling predicts it will continue to grow, due to a global increase in the prevalence of chronic disease and cancer, as well as an uptick of R&D in the biopharmaceutical industry.
- In 2024, Australia exported US$1.35 billion worth of biotech products to the United States. KPMG modelling indicates that by the end of the decade, achieving accelerated growth could result in up to US$10 billion in exports to the United States and nearly 34,000 specialised, high paid jobs associated with this US trade uplift.
- For the private sector to take advantage of this increased focus, there are several key factors for success.
A Prosperous Future: report series
In KPMG’s Prosperous Futures series, we have so far delved into the emerging tech, space and clean energy industries. Our reports have outlined invaluable trade and investment opportunities and revealed key insights into the unique alliance between the US and Australia.
This fifth report, Biotech, delves into the future of biotechnology and investigates opportunities for US–Australia trade and investment. Our research examines how the changing geopolitical, economic and health landscapes will shape biotechnology advances. We take a detailed look at the US biotech market, its growth trajectory and Australia’s opportunities, and provides advice for Australian biotech businesses looking to expand into the US.
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