News and Insights
Market Access Outlook for Australia
The pharmaceutical industry is grappling with pressures including changing business models, a more competitive market, shifts in customers’ demands (e.g., patients and providers), major patent expiries, shifting technology, constrained budgets, increasing scrutiny from payers and regulators, and fundamental questions regarding the industry’s integrity. Many of these internal and external pressures exist in emerging and developed markets alike, forcing manufacturers to reconsider their approach to bringing new products to market.1-3
Australia is a country that has challenged pharmaceutical manufacturers in recent years with extensive government reforms in drug pricing, unpredictability around reimbursement and pricing decisions, and other structural changes.
Despite these challenges, the Australian market still offers a number of opportunities for manufacturers. Ongoing changes in Australia’s population and economy have contributed to a shift in the country’s epidemiological profile. That shift has increased the need for more effective population health management practices, and medications that address complex, chronic conditions. Manufacturers will not only find new and expanding target patient populations for their product portfolio in Australia, but also opportunities for broader approaches to managing disease and wellness. And despite some recent setbacks in the growth of Australia’s own biotechnology R&D sector, the country remains a powerhouse for medical science innovations.4
Understanding these complex market dynamics will be crucial for manufacturers exploring new and existing opportunities for growth in Australia.Read More
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