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Australia Pharmaceuticals and Healthcare Report Q1 2010Published by: Business Monitor International Published: Nov. 10, 2009 - 94 Pages Table of Contents
AbstractAustralia’s pharmaceutical market is among the most developed in the Asia-Pacific region. Access tomedication is good across all sections of the population, with per-capita spending calculated at US$352 in2008. While not particularly high by Western European or North American standards, it represents thesecond highest level in the region, behind only Japan. Over the next 10 years BMI forecasts that spendingon pharmaceuticals - including all prescription and over-the-counter (OTC) medicines - will increase at acompound annual growth rate (CAGR) of 3.1%, representing modest, if not overly impressiveperformance.The Asia Pacific region’s attractiveness to research-based multinational drugmakers has increased,according to BMI’s Pharmaceuticals Business Environment Ratings for Q110. Australia has maintainedits premier ranking in the Business Environment Ratings for the Asia Pacific region in Q110. Australia’sposition, ahead of the far higher value market of Japan, reflects more positive growth dynamics and morefavourable general market conditions. Australia’s population will expand steadily over the next decade, driven primarily by immigration.Annual per-capita spending on pharmaceuticals will increase from US$368 in 2008 to US$441 in 2019.Though to 2030, populations aged over 65 and over 85 will increase by factors of 2.3 and 3.4,respectively. As the elderly consume more medicines and require more medical check-ups than youngpeople, demand for healthcare services will remain robust. Concerns remain over the government’s policy of raising the level of patient co-payments, combined withattempts to increase the price of pharmaceutical products by multinational companies. Despite strongcost-containment efforts, access to innovative therapies remains good. For example, in mid-2009 MerckSharp & Dohme’s Janumet (metformin + sitagliptin), indicated for the treatment of type 2 diabetes, wasmade available on the Pharmaceutical Benefits Scheme (PBS) in Australia. Sales for products manufactured in Australia have risen consistently over the past five years, with asignificant proportion of increased industrial activity directed towards exports. In 2008, pharmaceuticalexports were valued at US$2.96bn. Lead destinations for Australian exports in 2008 were South Africa,New Zealand, the Netherlands and South Korea. A number of company developments have taken place over the past quarter. Highlights include SigmaPharmaceuticals acquiring a pharmaceutical brand portfolio and manufacturing facility in Noble Park,Victoria from multinational Bristol-Myers Squibb. Also Australian firm Peplin announced a definitivemerger agreement with multinational Leo Pharma. Get Full Details About This Report >> |
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