Industry Profile - BiotechnologyTo Economy
With 80% of Australia's globally recognised pharmaceutical companies such as Pfizer and Eli Lilly based in Sydney, New South Wales is at the forefront of pharmaceutical research and innovation with $520 million spent on research and development since 2003. Industries associated with these advances such as biomedical technology along with bioscience alliances have flourished locally.
As a science industry focused on gene technology and DNA research, biotechnology is one of the most important and innovative industries in Australia. With a history of memorable advances in biotechnological projects, New South Wales scientists were involved in the 1980s Human Genome Project and more recently the introduction of genetically modified crops to New South Wales farms. It is also one of the most ethically divisive industries, with much discussion surrounding the possible long term effects of such technologies.