Australian pharma exports drop by 30% in one year

The continuing decline in Australian exports of medicines has highlighted the enormous challenges facing the local industry as they struggle to remain competitive in the global pharmaceutical industry.

Just five years ago, pharmaceuticals were Australia’s largest manufactured export, bringing in more than A$4 billion ($2.9 billion) to the local economy. Today, manufactured medicines have slipped to second place behind the motor vehicle industry. If the trend continues, medicine manufacturing will shortly drop to third.

The latest figures released by the Australian Bureau of Statistics reveal that in the first six-months of 2015, Australian pharmaceutical exports were A$1.06 billion, compared to A$1.49 billion in the first half of 2014, representing a 28.5% decline. Pharmaceutical exports were 30% lower in June 2015, compared to June 2014.