The Australian Pharmaceutical Market Outlook To 2015: Policy Environment, Market Analysis, Key Trend

The Australian Pharmaceutical Market Outlook to 2015: Policy environment

, market analysis, key trends, growth opportunities and competitive landscape

Australia is the most attractive market for pharmaceutical investment in the Asia Pacific region which is primarily due to its growing and ageing population, excellent access to medicines, and fast-recovering economy.

Life expectancy in Australia is 79.2 years for males and 84.1 years for females which is among the highest in the world. High life expectancy amongst Australians has led to an increase in lifestyle diseases resulting in an increase in healthcare spending. In 2009, cancer, cardiovascular diseases, diabetes, respiratory diseases (COPD, Asthma), musculoskeletal disease, neurological disorders (dementia), mental disorders, remained the leading cause of health problems in the country.

Funding for health goods and services in Australia comes from various sources such as the Australian government, local governments and non government agencies. In 2005-06 period, the major funding came from two levels of government, which accounted for 68% of the total healthcare expenditure. Australian federal government followed by local government was the major contributors accounting for 43% and 25% of the total funding respectively (AIHW).

The Therapeutic Goods Act of 1989 is the core of market regulation in Australia. The objective of this act is to ensure that Australians get medicines and medical devices which are safe and are of high quality, and match standards equal to that of comparable countries. This act also provides a nation wide regulatory outline for therapeutic goods and ensures the quality, safety, and efficacy of medicines and medical devices. All medical products which come in or are exported from Australia are registered with the ARTG (Australian Register of Therapeutic Goods).

Key features of this report

Macroeconomic environment in Australia includes the demographic trends, economic landscape, disease burden and healthcare spending

Australian healthcare system involving the pharmaceutical spending, intellectual property regime, pricing and reimbursement, healthcare reforms, and recent development in the healthcare sector

Overview of the Australian pharmaceutical market covering comparative dynamics of major pharmaceutical market, key recent events, therapeutic area analysis, leading product dynamics, generic drug market and the overall market forecast through 2015

Forecasts and analysis of the leading products in the Australian pharmaceutical market over the period 200915 spread across major indications and classes of treatments

Scope of this report

Develop insights for the Australian pharmaceutical market, pricing & regulation, healthcare system and detailed epidemiological status of the common indications/risk factors in the country

Quickly understand how recent events are affecting the performance of major products, and how their marketers are confronting competitive challenges in the Australian market

Gain up-to-date competitive intelligence across a wide-range of marketed products, R&D pipeline, market share data, sales forecast and competitive landscape for the major players in the Australian pharmaceutical market

Compare the franchises of leading pharmaceutical players across major indications, and understand how market share of leading companies will change in the next 6 years

Key Market Issues

The Australian economy grew by 1.5% during the first three quarters of 2009: In 2009, a fiscal stimulus package of over $50bn was introduced to reduce the effect of slowing world economy by the Executive Government of Australia under prime ministership of Kevin Rudd. Increasing demand for commodities from China along with the policy reforms done by the government has helped Australian economy regain buoyancy after just one quarter of decline in growth. The Australian economy grew by 1.5% during the first three quarters of 2009, which was the best performance in OECD (Organization for Economic Co-operation and Development).

New PBS reforms, insulates certain drugs from reference pricing: Recent changes in the pricing policy shows a shift towards rewarding innovation. Since August 2007, the PBS has been divided into two formularies F1 and F2. F2 drugs will have the price cuts whereas F1 drugs are insulated from reference pricing, even if the mechanism of action of a F1 dug is similar to that in F2. F1 drugs which do not have bioequivalent brands can maintain higher prices according to the new formularies.

Australian government approved 45% refundable tax credit for R&D companies: Biotechnology research in Australia continues to receive funding from both federal and state governments in Australia (New Zealand trade and enterprise report, January 2009). Apart from the Australian governments Innovation Investment Follow-on Fund (IIFF, a venture capital fund) in May 2009, the government approved the 45% refundable tax credit for R&D, applicable for companies with a turnover of under $16.7m (Australian dollar, (AUD) 20m). Moreover, IIFF is targeted to address the lack of capital available to the most promising and innovative companies.

Key findings from this report

According to 2008 AIHW (Australian Institute of Health and Welfare) report, high life expectancy (second only to Japan) and an increasingly aged population has led to an increase in lifestyle diseases resulting in an increase in healthcare spending. Approximately one in every five adult Australians (nearly 4m people) has some or the other disability and more than 1m people need assistance with their daily activities.

The Australian pharmaceutical market was valued at around $9bn in 2009 and includes both domestic manufacturers and large pharmaceutical companies, with the latter having a direct base in the country through R&D and marketing. Among foreign players, Pfizer, AstraZeneca, Sanofi-Aventis and Novartis dominated the Australian pharmaceutical market in 2009.

Cardiovascular disorders, led by Lipitor (Pfizer) and Crestor (AstraZeneca) remained the major therapeutic area in the Australian pharmaceutical market. Cholesterol and triglyceride regulating preparations, angiotensin II inhibitors, ACE inhibitors (plain), were the leading drug classes in the cardiovascular therapy in 2009.

CNS disorders, led by Zyprexa (Eli Lilly) remained the other leading therapy area in the Australian pharmaceutical market. Antipsychotics, anti-depressants, and mood stabilizers were the major drug classes in this therapy area registering over $250m sales each in 2009.

Key questions answered

What will be the major growth indications and the accompanying growth drivers in the Australian pharmaceutical industry over the next 6 years?

Which were the leading players in the Australian pharmaceutical market (both multinational and domestic) in 2009?

Which products will be the future growth drivers for the Australian pharmaceutical market?

Which therapeutic categories are forecast to have the highest levels of commercial potential over the period 200915?

How is the competitive landscape of key therapeutic areas in Australia?

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