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Australia Pharmaceuticals and Healthcare Report Q3 2007Published by: Business Monitor International Published: Nov. 6, 2007 - 78 Pages Table of Contents
AbstractThe US$10bn Australia pharmaceutical market is one of the top prospects in the Asia Pacific regionbecause of its relatively large size, willingness to accept patented products and high per capita spendingon healthcare. A significant deterrent to drugmakers is the pricing mechanism, which seeks to containcosts and therefore is reluctant to reimburse expensive medicines. Nevertheless, the country will continueto be attractive to multinationals as evidenced by UK-based GlaxoSmithKline’s recent decision to makeAustralia the first major market for Cervarix, its breakthrough cervical cancer vaccine.In a blow to efficiency and a victory for nationalism, plans for a combined Australia/New Zealand agencyfor the approval of medicines was deferred in July 2007 until there is more support for the proposal. Themain objection was that the new system would raise the price of vitamins and herbal remedies, but BMIargues that it may have reduced the cost of expensive patented pharmaceuticals, as drugmakers wouldhave been persuaded to lower prices given that one less set of registration fees would have to be paid. Weare confident that the plan will proceed eventually, given the obvious benefit of eliminating duplication ofeffort. Get Full Details About This Report >> |
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