Footnote:
In: Journal of Business Chemistry, Vol. 3, No. 3, September 2006
Description:
The Australian chemical industry is facing a testing period as it adjusts to the challenges of the new global era. This paper briefly traces the evolution of the industry through an extended period behind protective tariff barriers to the situation today, as it confronts the new competitive environment. While the industry is adjusting as new companies emerge and specialist export-oriented production increases, the current situation continues as "work in progress". We argue that its future success will depend on its ability to innovate and to renew itself. We draw some generic lessons from a review of successful innovation in the Australian chemical industry and identify four key strategies for companies namely: (1) working within existing global value chains, (2) engaging with other globally focused industries, (3) developing an integrated packaging concept for their products and services, and (4) leveraging the knowledge of others