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PEST Analysis - Pharmaceutical Sector in Australia

Published by: Synergyst

Published: Apr. 1, 2007 - 15 Pages


Table of Contents


Overview of the Australian Pharmaceutical Sector

Market Structure

Future Outlook


PEST ANALYSIS


Political Factors

- Therapeutic Goods Administration (TGA)

- Pharmaceuticals Benefits Scheme (PBS)

- Australia-United States Free Trade Agreement

- Australian Code of Good Manufacturing Practice

- Intellectual Property Rights


Economic Factors

- Increasing Health Spending

- Declining Healthcare Prices

- Venture Capital Funding


Social Factors

- Australia’s Demographic Challenges

- Rise of Alternative Therapies

- Growing Obesity


Technological Factors

- Australia’s Medical R&D

- Australia Moving Ahead with Nanotechnology

- Adoption of Internet Technologies


LIST OF FIGURES

Figure 1: Value of Australian Pharmaceutical Industry (2000-2006)

Figure 2: Forecast Value of the Australian Pharmaceutical Industry (2006-2010)

Figure 3: Historical Australian Government Health Spending

Figure 4: Projected Growth in Components of Commonwealth Health Spending

Abstract

PEST analysis of any industry sector investigates the important factors that are affecting the industry and influencing the companies operating in that sector. PEST is an acronym for political, economic, social and technological analysis. Political factors include government policies relating to the industry, tax policies, laws and regulations, trade restrictions and tariffs etc. The economic factors relate to changes in the wider economy such as economic growth, interest rates, exchange rates and inflation rate, etc. Social factors often look at the cultural aspects and include health consciousness, population growth rate, age distribution, changes in tastes and buying patterns, etc. The technological factors relate to the application of new inventions and ideas such as R&D activity, automation, technology incentives and the rate of technological change.

The PEST Analysis is a perfect tool for managers and policy makers; helping them in analyzing the forces that are driving their industry and how these factors will influence their businesses and the whole industry in general. Our product also presents a brief profile of the industry comprising of current market, competition in it and future prospects of that sector.

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