Posted: 13 August 2024
Pfizer Australia is urging policy change to make Australia more attractive for global life sciences investment.
In its new report, ‘Breakthrough Nation’, launched at the beginning of National Science Week (10-18 August), Pfizer highlights that Australia has the potential to be a centre of life sciences innovation, building upon its high-quality tertiary education institutions and public health system.
“The life sciences sector is central to Australia’s future and key to our economic growth as we diversify beyond reliance on primary industries. But without a clear vision and statement from government outlining priorities, we are unlikely to reach our full potential,” said Anne Harris, Pfizer Australia & New Zealand Managing Director.
“We now call on the Australian Government to publicly affirm its commitment to life sciences. This will not only lead to the creation of jobs and wealth in Australia but also Australians gaining faster access to the innovative medicines and vaccines that are essential to our health and wellbeing as a nation,” Ms Harris continued.
“Central to this commitment should be bold reform of Health Technology Assessment (HTA) policies, methods and processes to ensure medicines are funded on the Pharmaceutical Benefits Scheme (PBS) within 60 days of Therapeutic Goods Administration (TGA) registration.”
It takes on average 466 days for a new medicine to go from TGA registration to PBS listing.1 This is 100 days slower than the OECD average and more than 300 days slower that Japan, Germany or the UK.
Innovative medicines and vaccines make a significant contribution to Australia’s health and wealth. Not only do they keep people well, but when people become sick, their availability means patients spend less time in hospital and have better overall survival rates.
Pfizer is also calling on the Australian Government to adopt a vision that increases our investment into preventative healthcare.
“Australia consistently looks at healthcare as a cost, but we need to look at healthcare as an investment and this report provides that lens,” Ms Harris said.
With Australia’s health system under pressure and budgets stretched, and in the face of an ageing population, Pfizer’s new report concludes that now is the time to make investments in prevention to avoid expensive late-stage interventions. This includes a minimum five per cent target for investment in preventative health by 2030.
