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Australia Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, Aug 2008, Pages: 87
BMI's Australia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Australia's pharmaceuticals and healthcare industry.
Illustrating the strength of opportunities in the pharmaceutical market, Australia remains in pole position in BMI’s Business Environment Ranking table for Q308, which surveys 14 countries in the Asia region. Key drivers of growth over the coming period will 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 the reimbursement decision time frames are reduced, as planned.
In the meantime, however, Australia’s regulatory body, the Therapeutic Goods Administration (TGA) was criticised for being 'too secretive' with information on pharmaceuticals and medical devices. The survey, published in Internal Medicine Journal, examined information dissemination in a number of major global markets, including the US and the UK. 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. At the same time, however, the government increased the surcharge levy threshold for the public Medicare insurance, in a bid to make it fairer, despite fears that the move result in more admissions to public hospital sector. 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 clinical development, which is 8% in relation to the previous year.
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