Australia\u2019s ageing population provides opportunities to develop a range of social, workforce, and industry research and technological innovations, according to a new government report.<\/p>\n
<\/span><\/p>\n <\/p>\n The Australian Innovation System Report<\/i> is an annual series of reports, starting in 2010, on the performance of Australia\u2019s national innovation system.<\/p>\n <\/p>\n The latest report suggests innovative firms of all sizes are almost twice as likely to report an increase in productivity compared to those that do not innovate.<\/p>\n <\/p>\n Innovative firms are also 42% more likely to increase profitability, three times more likely to export, and four times more likely to increase the range of goods or services offered.<\/p>\n <\/p>\n Encouragingly, the report shows improvements in Australia\u2019s innovation system against the Federal Government\u2019s targets, particularly in the areas of research and skills.<\/p>\n <\/p>\n However, it said business framework conditions that influence innovation activity have worsened on a number of indicators in recent years, particularly around financing of innovation.<\/p>\n <\/p>\n The percentage of Australian businesses seeking finance for innovation has declined by 40% since 2006-07, according to the report.<\/p>\n <\/p>\n \u201cVenture capital and later stage private equity investment in Australia has declined substantially over the same period,\u201d the report said.<\/p>\n <\/p>\n \u201cDespite these trends, Australia\u2019s framework conditions remain moderately to highly ranked internationally.\u201d<\/p>\n <\/p>\n The report also discusses the emerging opportunities, challenges and trends for the Australian innovation system, namely Australia\u2019s ageing population.<\/p>\n <\/p>\n Not surprisingly, these opportunities largely centre around healthcare.<\/p>\n <\/p>\n \u201cThe scale of the ageing population, not just in Australia but across many countries, is likely to transform all markets where older people participate or demand services and goods,\u201d it said.<\/p>\n <\/p>\n \u201cThe scope for innovation in the supply of services to this growing demographic will be enormous, not least in the field of health.<\/p>\n <\/p>\n \u201cNew global developments in health business models, notably in biopharmaceuticals, augur significant benefits for older people who tend to have greater health concerns as they age.\u201d<\/p>\n <\/p>\n According to the report, technological innovation will be the essential driver of market reforms.<\/p>\n <\/p>\n \u201cUsing diagnostic technology and big-data mining, it will be possible to better identify a patient sub-population, such as aged people at risk of dementia,\u201d the report said.<\/p>\n <\/p>\n \u201cSocial media and new portable devices will enable improved monitoring of patients and, importantly, by patients themselves, so that more specific and effective care can be delivered.<\/p>\n <\/p>\n \u201cThe National Broadband Network will provide a platform for a wide range of innovative and more accessible eHealth services using new\/smart technologies.\u201d<\/p>\n <\/p>\n Just as important to the reformed delivery of health services will be the education of health professionals and aged carers, and their adoption of eHealth technologies, the report said.<\/p>\n <\/p>\n The report goes on to highlight issues in the ageing agricultural workforce, which poses \u201cmajor challenges\u201d to the agrifood sector, suggesting this could be another area of opportunity.<\/p>\n <\/p>\n \u201cThe agrifood industry is made up of 180,000 mostly small to medium-sized enterprises and a workforce of more than 880,000 people, with 57% based in regional Australia covering the entire food supply chain,\u201d it said.<\/p>\n <\/p>\n \u201cIt makes a significant contribution to the national economy, generating more than $200 billion each year and accounting for around 20% of Australia\u2019s export earnings.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Australia\u2019s ageing population provides opportunities to develop a range of social, workforce, and industry research and technological innovations, 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