Australian Pharma Industry Calls for Aid
Published By : 09 Apr 2015 | Published By : QYRESEARCH
The Australian pharmaceutical industry has suffered a hit in recent years owing to reducing exports and lack of support from the existing regulatory framework. According to recent figures analyzing the performance of the Australian pharmaceutical industry in 2014, pharmaceutical exports from Australia dropped by 18% in 2014 to fall to US$2.9 billion, dropping from the 2013 figure of US$3.6 billion. The industry reached a zenith of US$4.3 billion in 2012, but the consistent fall from that watershed mark is now 30% in total.
This problem is not endemic to the pharmaceutical industry, either, as the auto industry in Australia has also taken a hit in recent years. However, the automotive industry has received a boost from the government, and top executives in the pharmaceutical industry feel their domain is due for the same.
Tim James, CEO of Medicines Australia, told the Australian Broadcasting Corporation (ABC) that the pharmaceutical industry is in dire need of some support from the government, in the form of either tax revisions of financial discounts.
James expressed his optimism about the pharmaceutical industry’s outlook in Australia due to the well-developed infrastructure and the large number of skilled workers present in Australia. The country’s longstanding reputation in the field of medical manufacturing will also stand the country in good stead. However, in spite of these seemingly favorable business conditions, new investment in the Australian pharmaceutical industry remains worryingly low.
The drop in the Australian pharmaceutical exports comes at a very unfortunate time, since the global industry is enjoying a halcyon period right now. Riding the development in Asian economies, the industry is expected to record sales of more than US$2 trillion by 2020. James and other executives in the pharmaceutical industry are hoping the government will work out the flaws in it regulatory structures in order to boost the industry and grab a fair share of the global pharmaceutical industry boom.