"The life cycle of innovation takes seven to 10 years and we need to improve commercialising\nour research, but the contributions of science to growth are nonetheless impressive. Medical\nresearch contributes to a burgeoning medicines industry that in turn contributes more than $4bn worth of exports a year.
In recent years the medicines industry has been the Australian manufacturing sector’s biggest hi-tech expert earner. The global pharmaceuticals market, which is worth about $890bn, is expected to be worth nearly $2 trillion by 2020.
With its growing population, rising living standards and an increasing burden of chronic disease, Asia will be one of the main drivers of this growth.
This represents a significant opportunity for Australia and increased investment could help build this into one of our key innovative export industries."
Higher Education, The Australian.
This is what Australia needs to be doing a lot more of!