Drug companies use Australia as stepping stone to Asia
AN AGEING, wealthy population and government subsidies: you would think the Australian pharmaceutical industry would be grinning.
But although Australia’s listed pharmaceutical wholesalers API and Sigma had a rollicking year – up 81 per cent and 36 per cent, respectively – hundreds of job losses were confirmed in the final months of last year from drug companies Pfizer Australia, GlaxoSmithKline, Eli Lilly and MSD Australia.
The cuts came as the federal government sought to cut soaring health costs and as global blockbuster drugs such as cholesterol treatments came off patent to face stiffer competition from generic manufacturers. Sydney Morning Herald – Read more…