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Australia Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Oct 2008, Pages: 92
Australia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Australia's pharmaceuticals and healthcare industry.
Despite dropping to joint second place in BMI’s Business Environment Ranking table for Q408, which surveys 14 countries in the Asia region, Australia remains a key pharmaceutical market with considerable opportunities for pharmaceutical companies. Key drivers of growth over the coming period will continue to be investment in healthcare infrastructure and the expansion of the reimbursement list, the state-run Pharmaceutical Benefits Scheme (PBS). BMI is also poised to upgrade the country’s ‘Approval process’ score, provided that reimbursement decision time frames are reduced, as planned.
The increasing incidence of chronic diseases is related to increasing prevalence of lifestyle risk factors, such as smoking and obesity and a poor understanding of the consequences. Due to the size of the country, rural communities in Australia face considerable challenges and costs in accessing care. This can have a negative impact on prognosis, especially in conditions such as cancer where early detection greatly increases probability of survival.
Australia’s regulatory body, the Therapeutic Goods Administration (TGA) was recently criticised for being 'too secretive' with information on pharmaceuticals and medical devices. However, the TGA has already outlined transparency improvement as one of the key priorities within its Strategic Plan 2006-2008.
The new government, elected in late 2007, remains committed to wide-ranging reforms of the country’s healthcare system. In February 2008, the government formed the National Health and Hospital Reform Commission, fulfilling one of its election promises and aiming to examine the long-term problems of the national healthcare system, with a view to reducing expenditure. In May 2008, the new government’s first budget added new drugs to the PBS, strengthened the country's national stockpile of emergency drugs and medical devices, and set aside US$9.6bn for investment in healthcare infrastructure. In June 2008 the federal Health Minister announced the approval of first Australian-made vaccine to protect humans from future bird-flu pandemics. The vaccine was developed by CSL and protects against the H5N1 strain. The government provided over AUD7million to help develop the product.
In terms of the pharmaceutical industry and research, Australia continues investing in biotechnology. In May 2008, Australia's national science agency the Commonwealth Scientific and Industrial Research Organisation (CSIRO) signed an agreement with compatriot company Oncaidia. The agreement forms part of CSIRO’s Australian Biotech Growth Partnerships programme, designed to support Australian biotech companies through the provision of scientific support, infrastructure and networks. According to the figures released in February 2008 as part of the Innovation Dynamics’ Australia New Zealand (ANZ) Drug Pipeline database, Australian biotechnology and pharmaceutical companies have over 450 drugs in development.
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