Australian pharma industry sets A$4.3 billion export record

In the face of job losses, falling sales growth, a high dollar, increased costs and a difficult business environment, the Australian pharmaceutical industry managed to achieve its best export performance on record in 2012, with exports topping A$4.3 billion ($4.47 billion), according to new figures published by the Australian Bureau of Statistics.

The new ABS report shows exports of pharmaceutical and medicinal products were up A$578 million or 15% on the previous year. The report also shows that the medicines industry is the Australian manufacturing sector’s biggest high-tech export earner. By comparison, exports for the car industry in 2012 were A$3 billion, and for the wine industry A$2 billion

Medicines Australia chief executive Brendan Shaw said the significant growth of pharmaceutical exports showed the potential in the industry if supported by strategic Government incentives for the medicines industry.