Pharmaceutical and Healthcare Industry in Australia - Forecast and Analysis 2023

The Australian pharmaceutical and healthcare industry plays a critical role in providing medical products, services, and healthcare solutions to the population. Before the COVID-19 pandemic, the Australian pharmaceutical and healthcare industry was already experiencing steady growth due to factors such as an aging population, advancements in medical technology, and increasing healthcare expenditure. However, the pandemic had a profound impact on the industry.

The COVID-19 pandemic led to a surge in demand for pharmaceuticals and medical supplies. This included medications, personal protective equipment (PPE), testing kits, and vaccines. Pharmaceutical companies and healthcare providers had to ramp up production and distribution to meet the increased needs.

The Australian pharmaceutical market is experienced consistent growth over recent years. In 2020, the market size was estimated to be around AUD 26 billion, accounting for both prescription and over-the-counter (OTC) medicines.

Meanwhile, the pandemic also accelerated the adoption of telehealth services and digital solutions in the healthcare industry. With restrictions on in-person consultations, telehealth provided a way for patients to access medical care remotely. This shift towards digital healthcare solutions had implications for the pharmaceutical industry, with increased reliance on digital prescriptions and home delivery of medications.

Australia is also known for its robust healthcare system, and the expenditure on pharmaceuticals is substantial. In recent years, the government expenditure on the Pharmaceutical Benefits Scheme (PBS), which subsidizes the cost of prescription medicines for Australian residents, has exceeded AUD 12 billion annually.

The pharmaceutical and healthcare industry in Australia holds great potential for further development and is poised to contribute to the country's economic growth and the well-being of its population. The publisher presents an in-depth analysis of the Pharmaceutical and Healthcare Industry of Australia in its research report Pharmaceutical and Healthcare Industry in Australia - Forecast and Analysis 2023.

The report covers the following data:

• An in-depth coverage of the pharmaceutical and healthcare industry in Australia by sectors along with an analysis of how the COVID-19 pandemic is affecting the industry.
• We analyze the segments of prescription drugs, generic drugs, OTC medicines, and also analyze the landscape for medical research and clinical trials in Australia.
• A SWOT analysis of the Australian pharmaceutical and healthcare industry.
• We take an up-close view of the regulatory framework governing the Australian pharmaceutical and healthcare industry, and the challenges being faced in terms of intellectual property rights.
• Competition in the industry, along with an analysis of both the domestic and multinational players in the sector like Australian Pharmaceutical Industries, CSL, Mayne Pharma Group, GSK Australia, and many others are included.
• A detailed forecast of the Australian pharmaceutical and healthcare industry by segments completes this comprehensive analysis.