In further evidence that advanced manufacturing in Australia is a strong growth sector, Cochlear, a lead member of the Australian Advanced Manufacturing Council, has announced a record 32 per cent rise in profit in the six months to December 2015.
The revenue jump to $581.7 million is chiefly attributed to strong marketing in the United States and Germany, the sale of 1700 units in a tender to China, and the launch of new innovative products like the Nucleus Profile implant.
Through continuing investments in research and development, Cochlear is at the forefront of the world’s innovation.
Senior Vice President of Manufacturing and Logistics, Greg Bodkin, told the AAMC last year, “Cochlear reinvests about 12 per cent of its annual earnings into R&D to ensure it has a technology advantage over its competitors.”
Significant investment in research and development, smart business strategies and technological innovations has helped place Cochlear on the stage of global competitiveness, and is a clear sign that advanced manufacturing in Australia is strong.
Fast facts about Cochlear:
- Cochlear is a global biotechnology company, employing 2800 people.
- 95 per cent of Cochlear’s sales are outside Australia.
- A majority of its research and development, and the majority of its manufacturing, takes place in Sydney, Australia.
- 70 per cent of its global taxes are paid in Australia.
- Cochlear invests 12 per cent of its revenue in R & D.