The year of the dragon looks auspicious for Australian Biotechnology

By Dr. Matthew Watson

Biotechnology is undoubtedly the technology of the future for it not only presents exceptional opportunities, but also gives hope for a better future with better diagnosis and treatment of diseases. In terms of potential and growth, it is not much different from the mystical dragon, and since 2012 is the year of the dragon, it is expected that it would bring in loads of good news and prosperity for this new branch of science.
The good news
For biotechnology, the last year has been strong and monumental with Tax Incentive Legislation being passed in Australia and a very strong and consistent growth in the sector which was recently followed by good news, the Senate Inquiry of the gene patents bill. Since the last year, the Australian Biotechnology has been included amongst the fifth most innovative biotech nations in the world (according to the Scientific American World View). This trend is continuing in the current year, as Australia has shown great potential in developing biotech related agricultural, medical and even environmental research.
The companies of Australian Biotech are confident that the New Year would definitely be the best and until now with tremendous growth in the sector it has proved this. Even the new startup biotech companies in Australia now stand a better chance with the Tax Incentive’s 45% refundable component, even the large corporations would now be able to reduce their R&D expenses by as much as 10%. Such a healthy growth favoring environment has allowed the Australian Biotech companies to make a mark globally and have a steadily rising status even in the competitive markets of US and Europe.
Conclusion
The Australian Biotech industry now needs to revamp itself and embrace a more authentic and transparent management. There should be better communication between the management and the stakeholders. The opportunities are in plenty and the industry environment very supportive, hence the companies should make the most of it and truly let the biotech dragon rise in this year of the dragon.