Australia's GMiA completes Code review; comments on PBS cuts and vital role of pharma manufacturing

Martin Cross, chairman of Australia’s Generic Medicines Industry Association (GMiA) has warned that the country’s pharmaceutical industry faces the threat of demise if the federal government continues to reform the Pharmaceutical Benefits Scheme (PBS) and neglects to recognize the vital importance of this sector.

With the pharmaceutical industry being the leading Australian manufacturing export industry for the past three years, contributing more than A$4 billion ($4.29 billion) a year to the trade balance, via an opinion article in the Australian Financial Review Dr Cross emphasised the need for a period of stability within the PBS.

With Australia being perfectly placed to help meet the demand for medicines from the aging world population and the rapidly developing Asian middle class, Dr Cross argues that despite this growth potential the continuing reforms of the PBS further threaten to undermine the viability of what is arguably the world’s best medicines reimbursement scheme.