The expiration of patents, industry restructuring and other factors will put a squeeze on the pharmaceutical industry, according to a new report.
The research firm notes that the industry surveyed employs 15,275 at 147 businesses nationally, and revenues will reach $9.9 billion for the year (up from $9.0 billion in 2008-2009). Annualised revenue increases are put at 1.7 per cent.
It is also, despite being a net importer, one of Australia’s leading high-tech exports.
Dragging on growth, explains the report, are a number of key medicines coming off-patent in 2011-2015, as well as increased safety concerns and global rationalisation.
The report follows tough predictions made by IBISWorld in January last year, estimating industry revenue would decline by 2.1 per cent for 2012-13.