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The Pharmaceutical Market: Australia
Espicom Business Intelligence Ltd, May 2007, Pages: 94
This in-depth pharmaceutical market report is ideal for executives wanting to understand the key drivers in pharmaceutical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, pricing/reimbursement, intellectual property, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data for raw materials and finished products and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Australia is one of the richest pharmaceutical markets in the Asia-Pacific region. The market ranks as the 13th largest in the world, while per capita spending is on a par with European markets such as Sweden or the Netherlands. The country has an advanced healthcare system and demand for all types of pharmaceuticals is high. Prices in Australia tend to be low for a developed country, principally due to tight public pricing and reimbursement regulations through the Pharmaceutical Benefits Scheme (PBS). The PBS has come under attack from the multinational industry, and the US government has pressed for greater transparency as part of negotiations for the Free Trade Agreement which took effect in 2005. The Australian government has, however, consistently affirmed that alterations to the PBS have not been part of any deal.
Local manufacturing is high tech, but tends to be fragmented and small-scale. A few multinationals, such as GSK, have major facilities in the country. Much of the market, however, is supplied by imports. Leading supplier countries in 2005 included the UK, USA, Italy, Ireland and Germany. One of Australia’s leading local companies, Mayne Pharma, was taken over by Hospira, a US injectables manufacturer, in January 2007.
Due to low prices of branded products, Australia is not yet a major market for generics. A number of leading drugs are due to lose patent protection, but price competition tends to be muted for off-patent drugs. The government is, however, currently looking at ways to boost generic consumption in an effort to rein in the overall drugs bill. Reforms to this effect have recently been announced, although they have not met with approval from the generic industry.
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