Medicines could be the key
June 14, 2012
THE Australian medicines sector
could play a significant role in
ensuring Australia “adapts to and
thrives in the Asian century”,
according to the Generic Medicines
Industry Association.
Representing GMiA at the Prime
Minister’s economic forum in
Brisbane yesterday, Dr Tim
Oldham, President Hospira Asia
Pacific told the PM that, at present,
the leading manufacturing export
industry of elaborately transformed
goods in Australia is pharmaceuticals,
employing more than 40,000
people domestically and contributing
approximately $4 billion in exports
to the national trade balance.
“We need to focus on the
innovative manufacturing sectors
such as pharmaceuticals in order
to be less buffeted by the two
speed economies created by the
mining boom,” he said.
“Pharmaceuticals are the future,”
he added.
Oldham also said that the
pharmaceutical industry is a high
value-add sector, which delivers
significant health and economic
benefits to the Australian public in
the context of an aging population.
“We are way ahead in terms of
being the leading exporter of
elaborately transformed goods
but we can’t be complacent with
intense competition coming from
countries such as India,
which can produce the same
medicines for less,” he said.
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