Australia can be Major Partner for Indian Pharma Companies

The ultimate goal is to make healthcare affordable, accessible, and efficient for all citizens and digital health is the way to go.

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Last Updated on January 6, 2024 by The Health Master

India is one of the top ten sources of medicine for the Australian market under the pharmaceutical benefits scheme and is shifting towards innovative drug development from generics, stated Abdul Ekram, Trade and Investment Commissioner – South Asia, Australian Trade and Investment Commission.

Ekram added that companies like Dr Reddy’s, Lupin and Sun Pharma are selling medicines in Australia and Australia can be a major partner to these companies on their R&D side as well and can access the Australian high-quality research infrastructure.

The ultimate goal is to make healthcare affordable, accessible, and efficient for all citizens and digital health is the way to go.

“The Australian clinical pharma sector is highly regarded globally as one of the best places to conduct clinical trials as you may have seen a recent report that highlighted that Australia hosts around 5% of global clinical trials. This is significant considering Australia’s population is only 24million,” added Ekram.

 “Recently, we implemented My Health Record, which is a personal electronic health record covering over 90% of Australian residents. We have centralized all our records. The secondary use of this data is very helpful for life sciences research and health policy development. 

The way Australia embraces digital health, we can share this experience since the Indian Government recently announced the National Digital Health Strategy. During the pandemic, there was a huge surge in telemedicine in India.

Many people wanted to have their healthcare delivered at their homes instead of going to the OPD of hospitals. This is where both countries can share best practices,” Ekram further said.

Ekram stated that Australia India Business Exchange is a component of the Australian government’s new initiative under a comprehensive strategy partnership (CSP) between Australia and the Indian Government and was announced in 2020.

This is a four-year strategy to enhance business engagements and increase bilateral trade investment between Australia and India and some partnership strategies will connect with businesses from both sides towards commercial engagement, through industry roundtables, dialogues and various master classes.

Ekram stated that next year in the second quarter, it will have an innovative health boot camp, which is a mix of 10 to 15 startups that would scale up the digital health companies and  Indian companies will have the opportunity to pitch in India in a similar way that Australian companies will be doing.

“These are the main activities we will be doing over the next 12 months. All these initiatives are aimed at positioning Australia as a trusted partner of India in the healthcare system for the betterment of healthcare delivery in both countries,” stated Ekram.

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