Government’s “Industry Innovation Competitiveness Agenda” a Big Step Forward

Medicines Australia Chairman Dr Martin Cross today welcomed the release of the Government’s Industry Innovation and Competitiveness Agenda and the announcement of five industry growth centres.

“Australia is uniquely placed to harness our competitive advantages, particularly in the medical technologies, pharmaceuticals and advanced manufacturing sectors,” Dr Cross said.

“The industry is heartened by the policies being put into place that will make Australia a more attractive investment destination.

“I am particularly encouraged by the Government’s commitment to support growth in Australia’s medical technologies, pharmaceuticals and advanced manufacturing sectors, when the global market for medicines and vaccines is projected to double over the next 10 years. With much of the growth coming from Asia, Australia is well-placed to capitalise on this growth.

“We are not only conveniently located but we also have a world-class medical research infrastructure and a well-established reputation in the region for manufacturing safe, high-quality medicines and vaccines,” Dr Cross said.

“With the right policies in place, like those announced by the Government today, Australia could double its exports of medicines and vaccines products by 2024.

“We could also double the level of investment Australia attracts in pharmaceutical R&D and clinical trials.”

Currently, around 50 global research-based pharmaceutical companies and more than 400 locally-owned medical biotechnology firms operate in Australia. Together, they employ in excess of 40,000 highly-skilled Australia, generate around $3.5 billion in exports each year, invest over $1 billion in R&D and deliver medicines and vaccines that millions of Australians use every day to live longer, healthier and more productive lives.

“Like it or not, Government policies are amongst the strongest influencers of global company and local investment decisions,” Dr Cross noted.

“We need a stable and business-friendly policy environment in Australia to encourage high-tech industries like the global pharmaceuticals sector to directly invest here for the long term.

“Today’s announcement is positive step, and industry is looking forward to working with the Government to contribute tangibly to these centres.

-ENDS-

Contact Person:

Alexia Vlahos
Phone: (02) 6122 8503
Email: Alexia.Vlahos@medicinesaustralia.com.au