Biotechnology in Australia has flourished over the past five years. During this time the number of companies has doubled to over 370, and over 40 companies are now publicly listed. The total market capitalization of the biotechnology companies listed on the Australian Stock Exchange (ASX) in 2003 was US$1.5 billion. Total market capitalization of the health and biotech companies on the ASX was US$13 billion. The size of the total Australian pharmaceutical market in 2003 was US$9 billion. This article highlights the role of Australia in advancing stem cell research and its contribution to biotechnology research, development and commercialization.