Here are a few reasons to be proud of serving a strong industry that is both profitable and beneficial to the wider community.
Ageing population in Australia
With the ageing population in Australia, the demand for pharmaceutical products by the residential population is expected to grow in coming years.
For the pharmaceutical industry, this will likely result in increased sales and profits. In turn, the sector will have more means to reinvest into future research and continue to make meaningful medical progressions.
Rise of live licensing
The industry may soon allow live licensing, which involves authorised marketing of pharmaceutical products after initial trial study has proven it to be safe and effective.This contrasts greatly with traditional authorisation that required a substantial amount of time, usually years, before the product could be released for sale and marketed to the public.
For the pharmaceutical sector, this has great potential benefits. It may be possible to release new medications to selected populations sooner, allowing them to benefit from the product and increasing the profitability of the pharmaceutical industry.
Generic substitution opportunities
The trend of generic substitution in the pharmaceutical sector has been growing in recent years and is expected to continue in the near future.
As some bigger brand products come of patent in the coming years, the generic market will open up. This is expected to increase demand for the medications, which will be available at lower prices.
With this forecast in mind, the pharmaceutical industry has the chance to use this trend to their advantage. It is possible to take part in the opportunities that the production of generic medications presents.
Prospects of e-health
The rise of e-health is an aspect of the healthcare sector that deserves to be duly considered. There is a huge volume of information available online to help professionals and patients to make decisions about their health that is growing daily. The pharmaceutical sector is currently in a position that can use this supply of information to their advantage, by taking part in the content creation process.
Additionally, medical decisions and practitioner prescribing is beginning to change in the wake of e-health. Clinicians can access this information and are able to prescribe medications for patients on a nationwide database, increasing the integration of our medical system.
A healthy future
The pharmaceutical industry is riding a wave of change, but there is no doubt it is bringing us forward into a healthy future. We need to be aware of the changes in order to direct them in the way that best serves the sector and the public health.
