Last Updated on April 18, 2021 by The Health Master
The Pharmaceuticals Export Promotion Council of India (Pharmexcil) in its report has forecasted good potential for the Indian generic medicines in Australia in the therapeutic areas of central nervous systems and cardiovascular diseases.
According to Udaya Bhaskar, director general of Pharmexcil, as more than 41 per cent of Australian population is fast aging, the government is looking to supply cost effective and high quality standard medicines to its population.
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It is expected that by 2026 the Australian government apart from procuring standard branded medicines from its own domestic industry, it is also likely to depend on countries like India to meet its growing demand of medicines particularly needed for consumption of treatment of non communicable diseases relating to central nervous system and cardiovascular diseases.
“In the year 2016, the total Australian pharma market was at $10.3 billion and is expected to grow at a slow pace for branded medicines. However, for the generics the growth is going to double by 2026. And this is where the Indian pharma companies can explore their chance of making presence in the Australian generic markets.
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As Indian exporters excel in the manufacture of generics of central nervous system and cardiovascular system, I expect, the coming 5 years are going to give great opportunity for the Indian players for grabbing the Australian generic markets,” observed the Pharmexcil DG.
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However, the Council report also cautioned that as the Australian market is a saturated market with very few sub-populations lacking access to medicines and thereby chances of its growth in volumes is very moderate.
As per the latest updates, the Australian government announced that it has covered list of 1,400 medicines which have been subjected to the price disclosure cycle and these medicines will receive extra subsidies under the Pharmaceutical Benefits System (PBS).
Further the Australian government had also announced that more than $300 million worth of medicine to treat lung cancer, multiple myeloma and cystic fibrosis will be added to the Pharmaceutical Benefits Scheme.
As the Australian government will continue to use drug price control as a means to reduce healthcare expenditure, it is most likely the government will continue to do more spending on pharmaceuticals. As it is spending on patented drugs, which accounts for 66 per cent of total pharmaceutical expenditure, in the coming days it is expected that their share will continue to be eroded by generic drugs.
The regulatory regime in Australia is also comparable to those in other developed states like USA, UK and EU and the pricing and reimbursement is also fairly generous to research-based drug makers. The government also appreciates the industry’s value-added benefits and provides tax incentives to start-up biopharmaceutical firms.
And moreover as 90 per cent of the prescriptions generated are covered by the state run PBS and the market is dominated by incidences of non communicable diseases like neuropsychiatric conditions, cancer, respiratory diseases and cardiovascular diseases. The competitive landscape is quite encouraging for Indian pharma industry and definitely in the coming years, Pharmexcil sees Australia a great market for generic medicines in the non communicable disease segment.
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