For instance, the Minister for Innovation, Industry, Science and Research, Senator Kim Carr, established the Pharmaceuticals Industry Strategy Group in 2008 to identify future directions for the industry.
Next, he revived the Pharmaceutical Industry Working Group as a forum for ongoing dialogue, after realising the potential of pharmaceutical manufacturing in Australia.
The Government has actually increased spending on research and innovation by 34% since 2007, and prepared Powering Ideas, an innovation agenda for the next decade, backed with $3.1 billion in new investment over the first four years, much of which will end up in the pharmaceuticals industry.
According to a speech from Senator Carr at the International Society of Pharmaceutical Engineers conference in August, this industry will help Australia’s economy get back-on-track.
"It is an industry that spawns the kind of clever and ambitious start-ups we need if we are to go on renewing our economy, generating new ideas and turning those ideas into new jobs and new wealth," he said.
"This is precisely the kind of industry Australia needs if we are to negotiate today’s challenges and make the most of tomorrow’s opportunities."
Australia’s pharmaceutical industry is the second-highest exporter of high-tech manufactured goods in Australia, and one of our only manufacturing industries that grew its exports during the global recession.
Eleven pharmaceutical products manufacturers made it to ‘Ibis World’s Top 109 Manufacturers 2010 Report’, with CSL Limited coming in at number 13 after five petroleum refineries, a motor corporation and a range of jewellery, iron, metal and steel manufacturers.
The pharmaceuticals manufacturing industry employs 40,000 Australians in high-skill, high-wage jobs.
It spends $860 million annually on research and development.
And it is just the kind of ambitious, uniquely-skilled industry that will help Australia rise from the ashes of the global recession and make its mark on the world.
The Government has already recognised this through a variety of initiatives designed to help entrepreneurial companies developing products in this industry compete in the