Medicine boosts economy
January 9, 2012
THE Australian medicines industry’s
contribution to the economy grew
by an estimated $1 billion year-onyear
in 2008-09 to $8.66 billion,
according to the latest Medicines
Australia Facts Book Update.
The Facts Book also highlighted
the fact that the medicine industry’s
turnover rose by almost $400
million in 2009-10 to $21.95 billion,
whilst in that same period medicines
R&D investment almost matched
that of the primary mining and
mineral resources sector.
In addition, in 2010-11 the
medicines industry was the largest
high technology exporter from
Australia contributing close to $4b
in export earnings to the economy.
“Australians can be very proud
that fellow-Aussies have been
working relentlessly to bring new
medicines and vaccines that
prevent, treat and cure disease,”
said Medicines Australia Chief
Executive Dr Brendan Shaw.
“These figures show the
Australian medicines industry is
making a significant economic
contribution,” he added.
Other key points highlighted in
the book include the fact that the
medicines industry employs 13,400
people, and that in 2011 21 new
drugs came onto the PBS, whilst
the number of new medicines in
development globally last year
grew by 100 year-on-year to 3050.
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