Australia is the land of plentiful opportunity. With per capital income exceeding $55,000, the country offers a resilient economy backed by a strong political and social system. Australia is quickly becoming the “go-to” destination for migration aspirants as well as those who would like to invest for better yields without having the fear of an economic meltdown. Australia’s strong economic indicators and business friendly policies by the government have made it an investment hotspot. From start-ups to business conglomerates, Australia is a host to businesses of all sizes. The main attraction in Australia are the flexible trade policies by the Australian authorities that are formulated to provide a level playing field for all and discourage monopolies. Australia is open for investors and businesses of all niches and fields. From mining precious stones to harvesting commercial crops, the business opportunities in Australia are virtually limitless.
Australia is a global leader in medical technologies too. Since the past 2 decades, the Australian health care industry has grown manifold and investors have been rewarded equally well. The main reason for the thriving Australian health care industry is the government’s support to investors, industry at large and medical research including clinical trials. Australia’s health care regulatory regime provides strong intellectual property rights protection, fast-track processing of clinical trial, several tax incentives and a level playing field for all investors and businesses who would like to enter the Australian healthcare industry. Also, the Australian government has various research and development programs available under which investors and entrepreneurs can invest and raise their own projects.
Australia offers investment opportunities ranging from discovery research through to product development partnerships in biotech, pharmaceuticals, medical devices, tropical medicines and digital health areas.
According to the AusTrade, the Australian trade authority, following are the perks provided to investors and entrepreneurs looking to invest in or raise a healthcare business.
- Research excellence and a collaborative culture
- Accessible world-class research infrastructure
- A track record of commercial success
- An ideal market for testing new innovative medical products/technologies
- Australia’s trade, investment and cultural ties to the fast-growing Asia-Pacific region.
Here are some of the most lucrative Australian healthcare fields that are open for foreign investments and promise a favourable yield.
Pharma Industry
The pharmaceutical market in Australia has been forecasted to become a world leader in 2020 by rising to $25.2 billion. The current pharmaceutical landscape in Australia is primarily knowledge-based with technology being integrated rigorously. From ordinary medicine dispensing pharmacies to pharmaceutical manufacturing plants, there are countless business and investment opportunities available for foreign and local investment. Unlike most countries, the mechanism of obtaining the trade license for a pharma related business is relatively straight-forward in Australia with no bureaucratic red-tape hindrance. Pharmaceutical is a great field for investors and entrepreneurs in Australia.
Private Practice
GP Doctors or General Practitioners are highly paid and lucrative careers in Australia. On an average, a GP earns anywhere between A$ 300K to A$ 450K. However, many doctors, especially those who migrate under the skilled migration pathway, have opened their own nursing homes, private practices and hospitals. The main reason for these GPs to go into individual business is that Australian population is on the rise with around 15% of Australian population aged 65+ years. The population influx in the country and a large part of that are aged already, has driven the demand for private practices. There is a trend in Australia of buying already running general practices or clinics. It saves the investors a lot of setting up and incurring capital expenditure. The general practice clinics earn as per their capacity and the revenue generation depends on the neighborhood type and the clinical services offered. However, usually the private nursing homes, hospitals and clinics enjoy gross profits of at least 40% per annum. The growth potential in this industry is without boundaries because once you setup a successful private practice, you can franchise your brand and branch it out throughout Australia and abroad.
Aged Care
According to a recent survey, there are approximately 4 million senior individuals in Australia who are 65+ years of age. There is a high-end lucrative market for Aged-care businesses around Australia. The aged care businesses include – but are not limited to –
- Nursing Homes
- Retirement Homes
- Retirement Village Care
- In-Home Care Services
- Residential Nursing
- Assisted Living Services
- Niche Infrastructure Development and more.
Even the recruitment for aged care centres and institutions is a great 3rd party business idea.
Australia is booming. If you are professional who is related to healthcare fields then you can select any of the fields mentioned above to setup your own business or invest. Australia also has countless business opportunities in the fields
- Clinical Trials
- Medical Research and Development
- Diagnoses Instrumentation
- Electronic Health Services etc.
- Clinical Labs and Diagnostic Centers
- Medical Devices and Equipment Trading Marketing
- Pharmaceutical Distribution and Marketing
