AusBiotech has submitted to the review of the Export Market Development Grants (EMDG) to note that the program provides critical support for Australian biotechnology businesses to enhance and establish new overseas markets for export and partnership and to attract foreign direct investment and skills into Australia.
AusBiotech said in its submission that biotechnology is an industry that is global in nature and relies on international trade and investment for success. It is also characterised by a large number of micro and small business in growth phases, which is good for Australia’s economic growth, but their size also provides challenges for the companies themselves in accessing global markets.
For these reasons, the EMDG has been integral to the current success of the industry. It has enabled AusBiotech to run industry growth programs, such as international investment meetings, large and successful delegations (such as that to BIO) and has supported companies to participate.
For example, support to attend BIO sees 250 Australians attend each year, positioning Australia as a leading life sciences destination. The post-delegation report is on the public record as saying 64% of the delegation would not have been able to attend without government support.
None of this would be possible without the EMDG program. The focus generated in this area would be in jeopardy if the scheme did not allow AusBiotech to attend the diverse range of activities.
There are few consistent programs with such demonstrated appeal to industry and thus the industry would like the program to remain intact, consistent and supportive of major trading markets as well as emerging markets.
Many small companies access grant funding through the EMDG scheme to increase access key global markets. While many of these are emerging in Asia, the majority of capital is still being sourced from the US.
AusBiotech is very active in China and other key regional markets, but over 90 per cent of Australian biotech and medtech export markets reside in the US, Canada and the European Union. Established markets are just as important as emerging ones, and it should be up to the individual business where they see fit to establish and build their export markets – it ought not the role of government to determine that businesses work in particular markets
Minister for Trade and Investment, Andrew Robb, announced the review in December last year, to be headed by Mr Michael Lee, the former CEO of Zip Industries..
AusBiotech is very active in China and other ley regional markets, but over 90 per cent of Australian biotech and medtech export markets reside in the US, Canada and the European Union.
Established markets are just as important as emerging ones, and it should be up to the individual business where they see fit to establish and build their export markets – it ought not be the role of government to determine that businesses work in particular markets.
More information about the review can be found at the Austrade website.