Australia

The Australian Self-Medication and Rx market: Outlook to 2035

Australia’s Self-Medication and Rx 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 in entering it and answer any of your questions about Australia!