Examining the Correlation: Investigating the Impact of Elevated Research and Development on Pharmaceutical Exports—A Case Study of Australia

Abstract

This study investigates the influence of increased R&D on pharmaceutical exports in Australia within the dynamic landscape of the global pharmaceutical industry. Given R&D's critical role in encouraging innovation and driving growth in high-tech industries such as pharmaceuticals, knowing its impact on exports is essential. This study applies Ordinary Least Squares (OLS) regression on secondary data from 2007 to 2022 derived from reliable databases such as OECD and WDI. Despite predictions, the results show that the association between increased R&D and pharmaceutical exports in Australia is insignificant. The findings highlight the need for a multifaceted strategy that combines innovative assistance, industry-specific initiatives, and efficient marketing to accelerate Australia's pharmaceutical export growth. To solve these issues and realize the full potential of the pharmaceutical sector in global markets, policymakers must collaborate with industry stakeholders.