Medicine can bridge gap
June 12, 2012
THE Australian medicines industry
can help to set up a post miningboom
economy, according to
Medicines Australia Chief Executive
Dr Brendan Shaw.
The comments come in the leadup
to Shaw’s address at the Prime
Minister’s Economic Forum in
Brisbane tomorrow where he will
address the issue.
“We can develop this industry
even further into one of the key
Australian high-tech industries to
help set up a post mining-boom
economy, but we do need the right
policy settings to encourage
innovation, research and
manufacturing,” said Shaw.
“At a time when Australia is
debating the economic value of
manufacturing in this country, we
have an industry that already
delivers so much to the community
and economy through jobs, skills,
wages, exports and R&D,” he added.
According to Shaw, the Australian
medicines industry is already
making a significant contribution to
the economy, as evidenced by GSK
Australia’s announcement that it
will invest $60m in its Victorian
manufacturing plant to supply
markets in Asia; as well as AstraZeneca
Australia’s announcement that it will
revitalise and upgrade its
manufacturing plant in Sydney to
supply the Chinese market with
asthma medicines.
Shaw further illustrated his point
by saying that at present Australia
supplies a quarter of all poppies
required to make medicinal opiates,
and that IDT Limited, an
Australian-owned company based
in Melbourne, exports active
ingredients for cancer medicines to
companies all over the world.
“With some key reforms the
medicines industry will be able to
continue contributing substantially
to sustainable economic growth,
driving global investment and
supporting high-wage jobs,” he said.
“But we need to ensure Australia
is more globally competitive, that
we have a stable business environment,
and that innovation is valued
and supported,” he added.
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