Comp meds growth
August 4, 2014
COMPLEMENTARY medicines
industry revenue has grown 54% to
$3.5b over the past five years, the
Industry Survey 2014 has said.
The Survey’s results were
announced at the Complementary
Medicines Australia launch.
It involved 156 complementary
medicines companies and data
from EuroMonitor, the National
Institute of Complementary
Medicine and IBIS World.
It was conducted online from
November to January this year.
The survey found 83% of
complementary medicine (CM)
companies were expecting to
grow their business over the
next three years and that 45,000
extra jobs were expected, as 58%
of companies expected to have
growth in employee numbers also.
It found 62% of companies were
engaged in export business and
eight out of 10 export countries
were in the Asia Pacific region, with
NZ the top market.
It found 17% of companies
generated $15m or more in
annual revenue, the majority in
manufacturing, which saw 52%
with $15m turnover or greater.
Sales of vitamins and dietary
supplements grew by 19% in 2013
to $1.94b, the survey found.
The majority of companies
(82%) said excessive regulatory
burden by the Therapeutic Goods
Administration was a major issue
affecting business, with 43% saying
high operating costs and 40%
discounting of product through
supermarket and pharmacy chains.
The National Health and Medical
Research Council released CM
resources this year which said there
were about 10,000 products on the
Australian Register of Therapeutic
Goods - CLICK HERE for resources.
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