Joint position to grow Australia's biopharmaceutical industry

Trade groups AusBiotech and Medicines Australia this morning published a joint statement sent to the Australia’s Minister for Industry, Ian Macfarlane, proposing steps that the federal government could take to build a stronger biopharmaceutical industry in Australia.

The letter says that much of the future “growth in the market for pharmaceutical and biotechnology products will come from Asia, and Australia could not be better placed to meet this demand. It is conveniently located, is home to a world-class research infrastructure and has a well-established reputation in the region for manufacturing safe, high-quality medicines and vaccines, and the associated clinical trials.”

It adds that “…with the right policies” Australia could significantly grow its exports of medicines and vaccines, especially to Asia, and could even double its share of the global biopharmaceutical market over the next decade, the associations stated.