Medicines Australia welcomes new report on Australian pharma industry
A new report has found that the pharmaceutical and medical technology industries in Australia produce nearly A$10 billion ($8.3 billion) of output every year.
The report from the Department of Industry’s Office of the Chief Economist on major economic trends affecting Australia’s industries found that the medical technologies and pharmaceuticals industries collectively employ more than 70,000 Australians, generate exports worth around A$4.5 billion annually and invest more than half a billion Australian dollars in R&D each year.
The report has been welcomed by trade group Medicines Australia chief executive Tim James, who said: “It’s encouraging to see a major government report that recognizes the value of the pharmaceutical industry to Australia’s economy.
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