Medicines industry economic impact up by $1bn
The Australian medicines industry’s contribution to the economy grew by an estimated $1 billion year-on-year, and its turnover rose by almost $400 million according to a new industry “Facts Book” published today.
The Medicines Australia Facts Book Update contains key industry statistics and other information. It highlights the contribution of the local medicines industry to the health and economic wellbeing of Australians.
The Facts Book Update also shows medicines R&D investment almost matched that of the primary mining and mineral resources sector in 2009-10.
And the medicines industry’s $3.8 billion in export earnings topped the wine and car industries.
Medicines Australia chief executive Dr Brendan Shaw said the information, compiled by Medicines Australia, demonstrates the value of the Australian medicines industry to the health and wealth of the nation.
“Australians can be very proud that fellow-Aussies have been working relentlessly to bring new medicines and vaccines that prevent, treat and cure disease,” Dr Shaw said.
“These figures show the Australian medicines industry is making a significant economic contribution.
“We are investing over $1 billion a year in R&D, and exporting medicines worth nearly $4 billion all over the world. That’s a real success story that we shouldn’t lose sight of.”
Key facts you may not know about Australia’s pharmaceutical industry:
- Local pharmaceutical companies contributed $8.66 billion to Australia’s economy in 2008-09, an increase of almost $1 billion on the previous year.
- Turnover for the Australian medicines industry in 2009-10 was $21.95 billion, up $400 million on the previous year.
- The Australian medicines industry employs 13,400 people.
- The Australian medicines industry brought 21 new medicines onto the Pharmaceutical Benefits Scheme in 2011.
- The number of new medicines in development globally grew to 3050 in 2011, up 100 on the previous year.
The Medicines Australia Facts Book is available here
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