Increasing Research Drives Genomics and Proteomics Market in Australia
Extensive research in genomics and proteomics is promising cures for previously untreatable diseases. With the Government assisting by providing additional tax concessions, the spending on research and development (R&D) is likely to increase by 66.0 percent in 2005. As a result, more than 300 biotechnology companies focusing on genomics and proteomics applications have set up operations in Australia to take advantage of this favorable environment. Drug discovery companies are also likely to have ample opportunities to slightly modify the lead compound in order to screen and exclude patients of a certain genotype who are more prone to developing certain side effects from clinical trials.
This Frost & Sullivan research service provides an overview of and an outlook for the Australian genomics and proteomics market. It segments the market into structural and functional genomics and structural and functional proteomics. It provides detailed revenue forecasts and market share analyses and is essential for both large and small market participants seeking to position themselves to earn maximum return on investments.
Research Companies Must Team-up with Venture Capitalists for Funds
Compared to Western countries, most of the Australian biotech companies are start-up undertakings that are in need of capital to support their research. However, venture capitalists (VCs) are hesitant to provide funds since these companies have few products in the final stages of drug discovery and have to wait for around ten years for their products to complete clinical trials before releasing them into the market.
"The long gestation period and the low market awareness on the potential of biotech products have led to insufficient funding of the biotech ventures in Australia as investors perceive them as being too risky," points out the analyst of the research service. "The Australian government and the top research companies should help VCs understand the commercial viability of their projects and the time required to market them." To do this, they need to work closer with the VCs and convince them of the effectiveness of their approaches in procuring positive results in the clinical trials.
Enterprises Must Supply Researchers with Superior Products at Lesser Costs
"Researchers need to strike the right balance between choosing high-end products for their research and maintaining lower costs," emphasizes the analyst. "New products such as those in structural proteomics can be expensive, and at times, complex and enterprises should convince researchers about their long-term benefits to drive their sales."
To encourage greater involvement in research from universities, biotech companies must educate the faculty on intellectual property (IP) issues, patent filing, and tracking of license agreements with third parties, and monitoring competitors' technologies. These universities need to allot more resources for developing enhanced commercialization processes and build managerial expertise in commercialization, deal structuring, and business development.
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