Medicines Australia Welcomes New Trade Agreement
Medicines Australia CEO Tim James today welcomed the new Free Trade Agreement with China and another open door to growth for Australia’s pharmaceutical industry.
“The global market for medicines and vaccines is set to double over the next 10 years, with much of this growth coming from China and other emerging markets,” Mr James said.
“Australia is well-placed to capitalise on this growth. We are conveniently located and we have a world-class medical research infrastructure, a highly-skilled labour force and a well-established reputation around the world for manufacturing safe, high-quality medicines and vaccines.
“It is certainly encouraging to see Australia stepping up to the challenge to grow our economy and opportunities like the Free Trade Agreement with China will add to Australia’s attractiveness as a destination for new investment.”
Pharmaceutical exports to China in 2013 totalled over $500 million, making it one of Australia’s largest market for pharmaceuticals.
“The Chinese pharmaceutical market is currently the 3rd largest in the world and is expected to grow by up to 15 percent per annum,” Mr James noted.
“By eliminating tariffs (of up to 10 percent) and other barriers to trade, this Free Trade Agreement will provide patients in China with access to high-quality, Australian-made medicines and vaccines, and help Australia increase its high-tech exports for our economy.
“Trade agreements with our regional partners make good sense. With the finalisation of this agreement with China and the imminent resolution of the Trans Pacific Partnership Agreement, Australia can continue to build on opportunities for growth and investment.”
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