Economy

Pharmaceuticals on Track to be Australia’s Billion Dollar Per Month Export

Australia’s pharmaceutical sector is poised to become the next billion-dollar per month export industry as sales of manufactured drugs and medicants for humans as well as animals continues to break new records according to data compiled from the Australian Bureau of Statistics (ABS).

Australian drug makers export an average of $515 million of medicines (human and veterinary) per month. 

A figure that has grown by 77% since 2016 where the average was $290 million per month.

The annual value of pharmaceutical exports has risen by 80% since 2016 from $3.48 billion to $6.24 billion in 2019. 

Australia is one of the few countries in the Asia Pacific trusted by U.S. and European authorities to produce drugs to the same standard as the world’s largest pharmaceutical companies.