The Australian medicines exports segment has shown a 30% decline over the past year. Medicines Australia says the decline is a market of the massive challenges that the local industries are facing while trying to compete on the global front.
According to Medicine Australia, the country’s largest manufacturing export was medicines, amounting to nearly AU$4 billion for the local economy.
Currently, the motor vehicle holds the top place, with medicines coming in second. Experts opine that should the medicines exports slip at their current rate, they will soon end up in the third place.
Most recent statistics that were released by the Australian Bureau of Statistics have shown that in the initial six months of 2015, the exports for Australian manufacturing were worth AU$1.06 billion. In comparison to the AU$1.49 billion earned in the first half of 2014, it amounts to a 28.5% fall. From the June 2014 figures and the June 2015 ones, analysts have revealed a drop of nearly 30%.
The drastic fall in rank has raised concern for many healthcare bodies in Canberra, according to Medicines Australia.
The fall comes at a bad time for Australia, says Medicines Australia, as the country could miss out on delivering to a growing demand for innovative, safe, and efficient medicine in Asia, especially in China. If the country’s leaders do not do not amend the policy settings. Distributions to China is a big economic opportunity, says Medicines Australia.
They also said that the declining sector can be made up for with the help of the lower Australian dollar, although Medicines Australia says that their lower dollar will not be able to fully compensate for missing out on the latest pharma boom.