In Australia, a land of 21 million people, an even larger biotech boom is occurring. According to a May 2005 report from the Australian Government Department of Industry, Tourism and Resources, four biotech initial public offerings were listed on the Australian Stock Exchange in the first quarter of 2005, bringing the total number of ASX-listed biotech firms to 69.
      Human therapeutics makes up the largest subsector of biotech in Australia, accounting for 43 percent of the firms. In 2004, the Australian biotech industry employed 6,100 workers at more than 400 companies, placing Australia sixth in the world. The country also boasts 560 medical device manufacturers.
      Setting the pace in the life sciences sector of Australia are global giants Eli Lilly, GlaxoSmithKline and Bristol-Myers Squibb. Eli Lilly currently invests about A$40 million (US$30.8 million) a year into the Australian economy. Its Sydney-based Global Clinical Data Management Centre is one of three the company operates worldwide."Eli Lilly regards Australia as a key market," says Eli Lilly managing director David Noesges. "The ultimate stimulus to R&D investment here is the overall operating environment which rewards innovation and value-added production and enables Australians to benefit from technological innovation."
      Eli Lilly employs more than 500 people in Australia, with the majority based at the company's two sites in Sydney, including one that em-ploys 140 in R&D. Noesges notes that Australia is becoming an increasingly important base for the company and an excellent place to conduct research.
      The government of Australia is giving a major boost to companies like Eli Lilly through a US$231-million Pharmaceutical Industry Investment Program, which encourages R&D and value-added production.