Menu
Business

Drug companies target overseas growth

AN AGEING, wealthy population and government subsidies: you would think the Australian pharmaceutical industry would be grinning.

But although the country's listed pharmaceutical wholesalers, API and Sigma, had a great 2012 - up 81 per cent and 36 per cent respectively - hundreds of job losses were confirmed in the final months of the year from drug companies Pfizer Australia, GlaxoSmithKline, Eli Lilly and MSD Australia.

The cuts came as the federal government sought to reduce soaring health costs and global blockbuster drugs, such as cholesterol treatments, came off patent to face tougher competition from generic manufacturers.

Brendan Shaw, chief executive of industry body Medicines Australia, recently noted that the Pharmaceutical Benefits Scheme, which subsidises Australians' cost of medicines, had soared from a $173 million annual cost to the government to $9 billion.

But since its inception in 1972, patient contributions to the PBS had remained at about 0.1 per cent of gross domestic product, he said in a speech last year.

Read more at Brisbanetimes.com.au
 

Topics:  pbs


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Gallery hums with two new exhibitions

SHOW STOPPER: Hobie Porter at the opening of Unnatural History: The Tower Hill Project at The Lismore Regional Gallery.

Regional Gallery hums with two new exhibitions

Chicks With Attitude - the true meaning behind the CWA

BAKE READY: Alison (centre) on the new branch of Lismore's CWA outside the tea rooms at Spinks Park.

Meet the CWA chicks who serve crackerjack scones

Um... can you just not?

CANDID: Barnaby Joyce caught eyeing off former staffer and current partner Vikki Campion back at a summit in 2016.

When you doing something you think you shouldn't, can you just not?

Local Partners