Report highlights downturn for Australian pharmaceutical industry

A report published by Medicines Australia points to the tough business conditions currently confronting the Australian medicines industry. Among the details listed in the report, it highlights that:

  • Australia remains well below the OECD average total expenditure on health as a proportion of GDP.
  • The number of Australians employed in the medicines industry declined for the fourth consecutive year, to 13,375; since 2006-07 more than 1300 Australian jobs have been lost from the medicines industry.
  • Annual investment in pharmaceutical R&D grew by just 0.3% per cent, from $1.034bn in 2009-10 to $1.037bn.
  • Australia’s R&D investment growth between 2005 and 2010 compares poorly with other markets: 42 per cent, compared with 46 per cent in Africa, 112 per cent in Canada, 303 per cent in India and 455 per cent in Japan.

The Medicines Australia Facts Book can be downloaded here.