Australia hosts over 50 global research companies, with 390 plus locally owned biotechnology companies it is quickly becoming the country’s leading innovative industry. Employing of thousands of highly-skilled Australian workers big Pharma generates billions of dollars’ worth of exports as it invests millions of dollars annually in the Australian economy as well as research and development. Some interesting facts about the Australian Pharmacy Industry:
When pharma tries to introduce new vaccines and medicines onto the Australian market it is incredibly risky time consuming and expensive, usually costing around $2.5 to $3 billion, much of which goes into research and development and takes between 10 to 15 years to complete.
Each year over US$100 billion is invested by the pharmaceutical industry globally in research and development this is much more than any other business sector grew by an average of 3.4 percent per year.
Currently the pharmaceutical industry is developing many thousands of new medicines and vaccines, including Biologics a new revolutionary type of medicine. These are complex molecules derived from living cells with hundreds of different types they are at the forefront of modern medicine and are expected to become the most effective way known to treat a large variety of today’s illnesses and disabilities.
Sadly the number of new clinical trials initiated by the pharmaceutical industry in Australia is in declining each year, although this industry in Australia initiates hundreds of new clinical trials that support thousands of Australians in high-paying jobs that play a vital role in improving all Australians health and wellbeing.
The Australian Government has introduced its R&D (Research and Development) tax incentive to try and increase the country’s attractiveness as an investment destination in the private sector. Offering companies a 43.5 per cent refundable tax offset if they have a turnover under $20 million and a 38.5 percent to companies with more than $20 million.
Each year the pharmaceutical industry in Australia adds almost $3 billion to the economy and is one of the country’s largest investors in research and development it accounts for 9 percent of all R & D business expenditure in Australia.
Vaccines and medicines are one of Australia’s largest manufactured exports and this is expected to more than double over the next decade, Australia’s biggest market is Asia which is proving to be a significant opportunity for Australian investment.
Aspirin, which is one of the first manufactured drugs known was first derived from the bark of the willow tree and is still one of the most researched drugs in the world today. Aspirin can be found on pharmacy shelving in Sydney and all other parts of Australia.
The pharmaceutical industry one of Australia largest investors in research and development, employs thousands of Australians in well-paying jobs to produce medicines and vaccines that keep Australian healthy and provide millions of dollars for both the domestic economy and overseas trade.
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