The Australian OTC and pharma market : Outlook to 2035
Australia’s self-medication and pharma market is a mature market amongst growing Asian ones, but is still full of opportunities. Continue reading to discover them:
The Australian OTC and pharma market was worth USD 9 billion in 2021 and is expected to reach USD 12,3 billion ex-factory in 2035, according to market experts estimates at Chameleon Pharma Consulting Group. The Australian public healthcare landscape is a mix of federal and state-based initiatives, policies and budgets, and the majority of health services are delivered at the state level. Most of the OTC, pharma, and biotechnological companies had shifted their focus toward R&D departments to identify new molecules or leads for the treatment of common diseases. R&D investments rose from USD$1,4 billion in 2016 to USD $1,6 billion in 2019, experiencing a 5% growth in 3 years and showing the importance of R&D for the Australian market.
The country’s healthcare expenditures will continue to increase as the population ages and the need for government subsidies on more drugs to treat chronic, non-communicable diseases like cancer, increases.
The Australian medical device industry can list among its distinct competitive advantages its reduced time to market compared with drug discovery, its comparatively highly skilled workforce and its geographic position within the Asia-Pacific region. Entering the Australian healthcare market, with its size and diverse opportunities, is an exciting challenge for western OTC and Pharma companies.
Entering the mature Australian market may be a challenge, but Chameleon Pharma Consulting Group has years of expertise to support you entering it and answer any of your question about Australia !
The Australian OTC and pharma market in 2035
USD 12,3 Billion
OTC and pharma market size, ex-factory
OTC and pharma market growth
Australia in numbers
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