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Australia's pharmaceutical market is among the most developed in the Asia-Pacific region. Access to medication is good across all sections of the population, with per-capita spending calculated at US$352 in 2008. While not particularly high by Western European or North American standards, it represents the second highest level in the region, behind only Japan. Over the next 10 years BMI forecasts that spending on pharmaceuticals including all prescription and over-the-counter (OTC) medicines will increase at a compound annual growth rate (CAGR) of 3.1%, representing modest, if not overly impressive performance.
The Asia Pacific region's attractiveness to research-based multinational drugmakers has increased, according to the Pharmaceuticals Business Environment Ratings for Q110. Australia has maintained its premier ranking in the Business Environment Ratings for the Asia Pacific region in Q110. Australia's position, ahead of the far higher value market of Japan, reflects more positive growth dynamics and more favourable 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 young people, demand for healthcare services will remain robust.
Concerns remain over the government's policy of raising the level of patient co-payments, combined with attempts to increase the price of pharmaceutical products by multinational companies. Despite strong cost-containment efforts, access to innovative therapies remains good. For example, in mid-2009 Merck Sharp & Dohme's Janumet (metformin + sitagliptin), indicated for the treatment of type 2 diabetes, was made available on the Pharmaceutical Benefits Scheme (PBS) in Australia.
Sales for products manufactured in Australia have risen consistently over the past five years, with a significant proportion of increased industrial activity directed towards exports. In 2008, pharmaceutical exports 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 Sigma Pharmaceuticals acquiring a pharmaceutical brand portfolio and manufacturing facility in Noble Park, Victoria from multinational Bristol-Myers Squibb. Also Australian firm Peplin announced a definitive merger agreement with multinational Leo Pharma.
Australia Pharmaceuticals and Healthcare Report Q1 2010: http://www.companiesandmarkets.com/r.ashx?id=U2GK8NC39169548
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