Fast Market Research recommends "Australia Pharmaceuticals & Healthcare Report Q1 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/10/2013 -- We maintain our broad view toward Australia's pharmaceutical and healthcare sectors, as new Prime Minister Tony Abbott stated that 'there will be no cuts to health'. While the country's ageing population will continue to spur demand for medical services, we note that a downside risk to our forecasts is potential cuts to healthcare spending as the country, like many other developed states, runs the risk of unsustainable health expenditure acceleration.
Headline Expenditure Projections
- Pharmaceuticals: AUD13.23bn (US$13.73bn) in 2012 to AUD13.72bn (US$13.51bn) in 2013; +3.7% in local currency terms and -1.4% in US dollar terms, due to exchange rate fluctuations. Forecast was slightly upgraded after taking into account new data from Pharmaceutical Benefits Scheme's expenditure.
- Healthcare: AUD135.7bn (US$140.5bn) in 2012 to AUD142.0bn (US$139.8bn) in 2013; +4.6% in local currency terms and -0.5% in US dollar terms, due to exchange rate fluctuations. Forecast remained unchanged from Q413.
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Australia's Pharmaceutical Risk/Reward Rating (RRR) score for Q114 is 67.0 out of the maximum 100 in our newly improved RRR system. The country scored above average for all indicators and sub-indicators including overall market expenditure, sector value growth, pensionable population. With this high score, Australia ranks second, behind Japan and South Korea out of the 19 key Asia Pacific markets. This is an improvement from the third position in Q413, due to a downgrade in South Korea pharmaceutical market.
Key Trends And Developments
- In September 2013, Pfizer Australia announced plans to close its West Ryde plant, which produces tablets and capsules for both humans and animals, in 2015. The shutdown will take place in phases and will result in a loss of nearly 140 jobs. According to Manufacturing Operations Director Justin Mathie, the decision reflects the requirement to align the company's global manufacturing capacity with the needs of its business,
- In the same month, Telstra bought e-health software company Database Consultants Australia (DCA) to expand and diversify its healthcare portfolio. Telstra reportedly made the acquisition to develop and sustain a strong portfolio of healthcare businesses. The company has already made some important capital investments in 2013 in the online healthcare sector, such as the online health directory and appointment booking service HealthEngine, and in IP Health.
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