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Australia Pharmaceuticals & Healthcare Report Q1 2008
Business Monitor International, Feb 2008, Pages: 79
The Australia Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Australias pharmaceuticals and healthcare industry.
Australia is one of the leading pharmaceutical markets in the Asia Pacific region, due to high per capita spending, and advanced healthcare infrastructure and a pro-multinational stance. The over-the-counter sector is expected to display the most promise over our 5-year forecast period due to demographic changes, higher health awareness, marketing and advertising efforts, and increased prosperity. Another key trend is the promotion of external investment by the government. The author currently values the overall pharmaceutical market at nearly US$10bn and we are projecting year-on-year growth of above 5% through to 2012.
Reforms to Pharmaceutical Benefits Scheme (PBS) appear to be working as the number of concessional scripts is increasing but spending is being capped. In 1994-95, approximately 100mn prescriptions were underwritten by the PBS. Over a 10-year period, this figure had increased by over 40%, partially driven by the population increase but mainly by greater dispensing to the elderly. Meanwhile, during the 2005-06 period, the total amount spent on pharmaceuticals funded by the PBS was AUD7.3bn (US$6.4bn).
This reflects growth in real terms of 2.7% from the previous year, but marked a fall from the average annual growth of 9.1% for the 1995-96 to 2005-06 period. It was thought that Australia was prescient to remove Novartis’ pain drug Prexige (lumiracoxib) in August 2007. However, it now appears that the Therapeutic Goods Administration (TGA) may have been a little too hasty when approving it in the first place. Lawyers have enquired why Prexige was available in Australia at higher doses and with fewer warnings than in other countries. According to a legal firm, of the 50 countries where the products is approved, sale is only available in fifteen. On of those, no markets actually promote a dosage over 100mg, except Australia (where a 200mg formulation was frequently dispensed). Moreover, the lawyers also pointed out that Australia’s Prexige pack contained none of the liver damage warnings included in other nations.
Meanwhile, in mid-October 2007, Indian firm Ipca Laboratories - which is well-known for its expansionist activities - revealed that it acquired a small formulation product dossier registration-cumdistribution company in Australia, which held five registration files prior to being bought. The rationale behind the purchase was to penetrate the Australia’s growing pharmaceutical market. Because an Indian company cannot register a formulation dossier in Australia without having a company there, Ipca sought out a local firm with its own portfolio.
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