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September 22, 2016
Australia’s pharmaceutical market is set to rise from just over $22.85 billion in 2016 to $25.2 billion by 2020, according to research and consulting firm GlobalData.
The company’s latest report states that this modest growth will be driven by good market access to pharmaceutical drugs, increasing awareness of the need for the early detection of lifestyle and chronic diseases, the subsidized cost of prescription medicines through the Pharmaceutical Benefits Scheme (PBS) for all eligible patients, and the annual addition of new drugs to the PBS drug list. The report highlights a number of opportunities open to companies hoping to invest in the Australian pharmaceutical industry, including increasing foreign direct investment (FDI), the emerging generic drugs market, and a favorable tax environment. In terms of the generics market, the emphasis being placed by the PBS on the usage of generics will also spur growth, says the report.