Australia’s healthcare sector is thriving. In 2015–16, Australia spent about AU$170 billion (US$114.71 billion) on health according to the Australian Institute of Health and Welfare (AIHW) as we live longer. The AIHW reports that life expectancy in Australia has improved dramatically for both sexes in the last century, particularly life expectancy at birth. Compared with their counterparts in 1881–90, boys and girls born in 2015–17 can expect to live around 33 and 34 years longer respectively. CHAABAN OMRAN explores.
Nonetheless, half of us in Australia suff er from chronic pain. Older Australians living in permanent residential aged care in 2016–17 were more likely to have prescriptions dispensed for medications relating to the nervous system, while people living in the community were more commonly prescribed medications relating to the cardiovascular system. In Australia, according to the AIHW:
- AU$467 million (US$315.1 million) is spent on health per day • 777,000 prescriptions are fi lled under the Pharmaceutical Benefits Scheme
- Australia is ranked the third-worst among OECD countries for obesity among people aged 15 and above. Although we are living longer and in better health, still due to high levels of chronic diseases the demand for medicines and advice has never been greater than it is today.
Bankwest reports in relation to the statistics in 2018 that despite a challenging year, the outlook for the pharmaceutical industry in Australia is positive. Revenue is forecast to grow by 5.1% over the next five years, reaching AU$40.1 billion (US$27.06 billion) by 2024. Pharmaceutical retailers are expected to grow substantially, adding a further 300 establishments during the same period.
[Source: IFN Special Report 12th February 2020]
