New report shows a healthy pharmaceutical industry
Pharmaceutical jobs are no doubt an integral link in a longer medical supply chain. Behind front-line hospital and general practitioner services sits thousands of professionals tasked with researching the latest treatments, overseeing quality control and distributing them effectively among those most in need.
With such an important role, ensuring pharmaceutical recruitment stays at a level that provides the best, most efficient service for all Australians is important to say the least. After all, if the industry is short-staffed, it not only means fewer people are available to add their expertise to life-saving tasks, it also stretches the existing workforce and can easily lower quality as a result.
It is good to hear when the pharmaceutical industry is succeeding, then. According to a new report, there are plenty of reasons to believe this side of the healthcare sector is both in good hands and well placed to develop in the near future.
The Australian Industry Report from the Department of Industry's Office of the Chief Economist recently analysed different sectors of the country's economy.
The medical technologies and pharmaceutical industry in Australia produces around $10 billion of output each year, the 2014 report showed. More than half a billion dollars are invested in research and development to make sure the latest medical risks are cared for before they become a larger problem.
To do this, the sector employs more than 70,000 professionals to ensure the public have free-flowing access to the latest medicines and treatments.
Asia-Pacific big buyers
Almost half ($4.5 billion) of this income comes from export markets, with the Asia-Pacific region in particular largely catered for by Australia's medical industry. It is this foreign market that is proving promising for the development of pharmaceutical employment in the coming months and years.
"Asia has emerged as Australia's largest overseas market in recent years. China, Hong Kong, Taiwan and South Korea consumed almost half of Australia's total exported medical and pharmaceutical products over the last few years," the report explained.
"Asia has demonstrated a growing appetite for healthy lifestyles and this provides great opportunities for the Australian pharmaceutical industry."
Australia is well placed as a trusted source of safe and quality-controlled medicine, so the Asia-Pacific region will continue to be a key player in both short- and long-term development of the pharmaceutical trade. In fact, production of medicines to the Asian market is predicted to skyrocket.
"The global market for medicines and vaccines is set to double over the next 10 years, with much of the growth coming from emerging markets in Asia," Medicines Australia Chief Executive Tim James added.
The industry will also find government support in the form of the recently announced Medical Research Future Fund. With so many resources in place to spur industry growth, pharmaceutical jobs in Australia could be in for a bumper year in 2015.