The report helps businesses gain a unique insight into the socio-economic dynamics, and helps analyze how they affect healthcare systems and their evolution. It can serve as a valuable tool with actionable guidance for sales, marketing, R&D and business managers with industry related interests.
Four chapters cover the numerical and written analysis for the following topics: Economic Outlook (38 Key industry indicators), The Healthcare System (HC system structures), Reforms (restructuring, re-engineering or austerity efforts) and the Healthcare Market (Capital Equipment, Medical Devices, Disposables and Pharmaceuticals).
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– Australia’s economic growth in the past 5 years averaged around 2.7% annually. In the forecasted 2 years, it is expected to increase, leveling around 3-3.1%.
– Inflation is low and it is expected to remain so in the coming years.
– Mining has historically been a significant stabilizing pillar in the Australian economy, safeguarding it against international recessions
– In terms of GDP per capita, Australia spends €4,452 per capita, compared to €4,552 in the Netherlands and €5,258 in Denmark.
– The Australian currency is also comparatively strong at the moment (i.e. beginning of 2018), compared to previous years, meaning that purchasing power for foreign products and imports in most cases is heightened.
– Australia runs a relatively open market, with little restrictions on imported products. This is a driving force in its economy and trade.
The Healthcare System:
– Australia has an excellent health record, and is often ranked amongst the top HC providers worldwide. According to the Common Wealth Fund (2017), its healthcare system ranks among the top 3 most efficient HC organizations worldwide.
– Healthcare expenditure in Australia was around €107.6 bn in 2016, equal to 9.5% of GDP. 66.2% of the overall healthcare costs are financed publicly, and 33.8% stems from private sources. The public financing stems from income taxes, state grants, and a compulsory Medicare tax on salaries.
– Medicare is the nationwide public insurance scheme. Nonetheless, around 50% of Australians also purchase a private health insurance plan.
– 70% of total hospital spending is represented by admitted patient services; the remaining 30% is spent on non-admitted patients and emergency care.
– State health departments are the overall managers of their public hospitals, and state governments fund hospitals using DRGs with a capped activity-based formula.
– The Therapeutic Goods Administration monitors and assesses therapeutic drugs, and administers the Australian Register of Therapeutic Goods (ARTG).
– New mechanisms and reforms in medtech and pharma regulation (2017)
– 2017-2018 Budget – PBS and generic product pricing
– Medicare Safety Net (2016)
– Aged Care Reform Package: Living Longer Living Better (2013)
– National Health Reform Act (2011)
– Cost containment policies
– Australia has a well-established and connected healthcare market, and the highest per capita expenditure on HC in the Asia-Pac region. It is quick and keen to adopt newly emerged technologies and continuously works on its regulatory frameworks accordingly to fast-track new and life-saving medtech.
– For 2016, the total market value of medical devices, including small devices, capital equipment, diagnostics and consumables, is estimated around €9.1 bn. Pharmaceutical consumption totaled a value of €18.5 bn. 80% of all medtech used in Australia is imported.
– For the vast majority of public hospital, medtech and pharmaceutical needs are procured through GPOs at regional level.
– This growth is driven by an increasingly elderly population, universal health coverage, eagerness to adopt new medtech, and government initiatives fostering medical device procurement.
– KSFs are having an excellent reputation and establishing a loyal client base and customer confidence.
Includes tables centralizing all relevant data on socio-demographics, macroeconomics and national Healthcare.
National Care Provision data:
Provides an overview of the Healthcare demographics: Nation Care provision data, Intensive Care units, Operating rooms, Emergency Rooms, Hospital services, Healthcare professionals.
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