Australia is one of the leading countries in the healthcare and medical industry. This is why they set the standards for many of the hottest healthcare trends — from overseas investor interest and advances in medical technologies to increased use of virtual data rooms.
Today, we will be looking at these healthcare industry trends in Australia. Read on for more information.
1. Increased oversea interest
Since 2017, overseas interest in the Australian healthcare industry has grown at an exponential rate. Most of the interest comes from China, Hong Kong, and the United States. This should not come as a surprise — Australia has an international reputation for high-quality healthcare.
As recently as 2017, the country ranked as the second-best health system globally in the Commonwealth Fund’s annual report. In just one year, foreign interest in Australian healthcare rose from 24% — with a massive increase of 704%.
2. Major advances in medical technologies
In recent times, Australia’s reputation has only grown — thanks to major advances in innovative medical technologies, including new X-ray technology, bionics, and monitoring devices. The country remains a leader in quantum computing technology, an area that can radically revolutionize healthcare and medicine.
As populations continue to grow, these innovations will become more valuable to the healthcare industry. This technology is the main reason why countries like China are taking an interest. According to the Australian Financial Review (AFR), multiple investment funds are looking to introduce numerous Australian businesses to China. For example, the Hong Kong-based investment firm State Path Capital invested $25 million in Bionic Vision Technologies, an Australian medical device company.
However, it is not only China that is investing heavily in Australian healthcare technology. The US also invested $33 million into Lumitron, an Australian company that has revolutionized X-ray technology and improved how these machines function.
3. Chinese interest in Australia
According to Business Insider, Chinese investors are very familiar with Australian-branded products, associating the country with quality care facilities, impeccable management systems, and an emphasis on renewable resources and cleanliness.
In addition, AFR recently quoted Julie Hunter (managing director for Health, Education, and Government for Institutional Banking and Markets at the Commonwealth Bank), stating that an Australia-China Business Council report forecasts that China would claim the same proportion of Australian healthcare exports by 2025 as it does the country’s mining exports.
Virtual data rooms for healthcare
Virtual data rooms have become the industry standard for Australian healthcare. Recently, businesses and corporations have switched to virtual data rooms to handle their sensitive documents. These online platforms allow for seamless collaboration and security for lots of healthcare use cases, such as those listed below.
- Clinical trials. Clinical research companies often use volunteers in biomedical experiments. Virtual data rooms are making it easy to keep their patients’ confidential medical information secure.
- Biotech licensing and partnering. Many Australian companies use virtual data rooms to consider multiple partnership possibilities during licensing deals. Potential partners can review patented discoveries at the same time without being made aware of each other.
- Biotech IPO. Australian organizations use virtual data rooms to make taking a company public less stressful. Data rooms let businesses review finances regularly and organize important documents for due diligence and transparency among stakeholders.
- Fundraising. Virtual data rooms allow Australian health organizations to present documents to potential investors in a simple and user-friendly way, saving these investors time and energy.
- Intellectual property management. Many Australian innovators use data rooms to protect their intellectual property portfolio and avoid legal rights violations.
- Intellectual property licensing. Intellectual property licensing deals require the careful distribution of sensitive information. In recent years, Australian companies have shared valuable information related to these deals in virtual data rooms, as the software gives users control of who exactly sees their uploaded files.
In a world affected by COVID-19, these data rooms have allowed companies to conduct remote work efficiently, helping Australia lead the global healthcare industry even during times of crisis. As the country continues to experience its expected growth in the healthcare sector, it may only attract more offshore investors.
If medical technology and innovation continue to progress at this rate, investors are likely to invest repeatedly, cementing Australia’s place as a symbol of excellence in healthcare.
