Medicine top Oz exporter
August 3, 2012
THE Australian medicines industry
has the potential to be a key driver
of the Australian economy, with
Australian Bureau of Statistics
figures released yesterday showing
that the pharmaceutical sector was
Australia’s biggest high-tech export
earner last year.
Exports of pharmaceutical and
medicinal products totalled more
than $4 billion in 2011-12 - up over
8% on the previous year.
Medicines Australia contrasted
the sector’s strong performance
with that of the car industry, which
exported $2.76 billion last year;
while wine exports totalled $2.03b.
CEO Brendan Shaw said the
growth of pharmaceutical exports
“highlights the Australian
medicines industry’s sustained
contribution to the economy.
“By any measure, this is an
outstanding export performance,”
Shaw said - particularly in light of
the performance of the broader
manufacturing sector, the high
Australian dollar “and the fact that
the medicines industry receives no
co-investment from government.
“This kind of result highlights just
how resilient the medicines
industry is given the prevailing
market conditions, and underscores
the industry’s potential to be a key
player in the post-mining boom
economy”.
Shaw urged officials to consider
the potential of the pharmaceutical
manufacturing sector.
“As a nation we already earn more
in exports from medicines than cars
or wine, but with revamped policy
settings and incentives from
Government we could build the
Australian medicines industry into
one of our key innovative export
industries,” he said.
Medicines Australia estimates
that with Asian countries already
accounting for around 50% of
pharmaceutical exports, with the
right policy incentives Australian
medicines exports to the region
could increase fivefold by 2020.
“Given our proximity and the
expanding Asian market, the
opportunities are tremendous”.
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