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Australia Pharmaceuticals and Healthcare Report Q3 2010
Business Monitor International, May 2010, Pages: 90
Australia Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Australia's pharmaceuticals and healthcare industry.
Along with South Korea, Australia is the joint most attractive pharmaceutical market in Asia Pacific, according to BMI’s Business Environment Ratings for Q310. However, the country’s Pharmaceutical Rating has dropped from 68.1 in Q210 to 66.9 in Q310, due to a re-assessment of its Market Risks – a composite measure of intellectual property laws, policy/reimbursement and the approvals process. Nevertheless, on a global scale, Australia places seventh, owing to the lack of significant operational risks compared with other markets.
Australia’s pharmaceutical market mostly comprises patented drugs (US$5.50bn), followed by over-thecounter (OTC) medicines (US$1.27bn) and generic drugs (US$0.98bn). Pharmaceutical expenditure as a percentage of GDP is 0.83%, below both the regional (1.05%) and global (1.36%) averages. A unique feature of the market is the Pharmaceuticals Benefits Scheme (PBS). The PBS was established in 1948 as part of a wider plan to create a more equitable healthcare system and is modelled on the UK’s revolutionary National Health Service (NHS), which prides itself on providing services that are free at the point of delivery. A total of 140 preventative and therapeutic drugs were included in the initial PBS programme. Despite Australia’s High Court initially deeming the new healthcare system unconstitutional, the PBS survived and co-payments were introduced in 1960.
In the Pharmaceutical Research and Manufacturers of America (PhRMA)’s Special 301 Submission to the United States Trade Representative (USTR) for 2010, Australia was designated a ‘Watch List Country’. BMI believes that implementation of the US-Australia Free Trade Agreement (FTA) and the consequent lowering of market access barriers was the reason behind Australia’s designation changing from ‘Priority Watch Country’ in 2009 to ‘Watch List Country’ in 2010. PhRMA also welcomes the 2006 reforms to Australia’s PBS. As these changes are still being rolled out, ongoing monitoring is required.
Australia is the latest developed country to announce major changes to its healthcare system. The central government will almost double its contribution to hospital funding from 35% to 60%. To pay for this, it will require 30% of the individual states’ revenue generated from the Goods and Services Tax (GST) – a value added tax of 10% on most goods and services transactions in Australia.
Centralisation of hospital funding is Australia’s most significant health and hospitals reform since the introduction of Medicare almost three decades ago, according to Prime Minister Kevin Rudd. The new National Hospital Fund will have access to AUD90bn (US$81bn) over the next five years and will be entirely dedicated to hospital investments.
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