This country needs to look past resources. The ASX was overbought in my opinion prior to the crash. Plus Brazil amongst other previous disregarded nations are growing in economic viability.
Bio-technology is the next large growth area worldwide.
We have some of the best biotech companies, scientists and technologies in the world....yet they get bugger all funding from the government meaning soon international pharma will come through and swoop them up as most the blockbuster drugs run off patent in 2013 for the pharma industry.
Mesoblast getting 20% bought out by Cephalon is just the start of the boom and the internationals picking up our biotech companies and hence profits from future billion $ technologies going overseas.
Why we spend so much on 'defence' staggers me.
To give you an idea (this is an unintentional plug to use as an example)...Prana Biotech (PBT) has the world's leading Alzheimer's drug in clinical trials. They have done minor human trials and the results where off the chain. Yet if the company is to raise capital now they will dilute the hell out of the stock. I think it's $30m for them to complete the phase 3 trial for a drug that would be blockbuster and bring in billions every year, not to mention the burden to society Alzheimer's causes.
Last month the government spent $6billion on buying 11 second hand helicopters from the USA for our defence force. Do the math!
Imagine they bought one less helicopter and funded an area for which we could be world leaders in!
