Frost & Sullivan: Australian Pharmaceuticals and Life Sciences IT Market Is Sti...( CANBERRA Australia Feb. 18 /- Growt...),Health

CANBERRA, Australia, Feb. 18 /PRNewswire/ -- Growth is expected in Australian pharmaceuticals and life sciences market. In 2007, pharmaceuticals spending on IT accounted for 80 percent or $258.6 million and will continue to drive the growth of this market. For the same period, life sciences spending on IT accounted for $64.6 million or 20 percent of the total spending in the pharmaceuticals and life sciences market. It is expected to grow at a compound annual growth rate of around 14.3 percent from 2007 through to 2014 with potential revenues of $825.1 million in 2014.

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According to Frost & Sullivan Consulting Analyst, Sourabh Janardan Kankhar, "The pharmaceuticals industry is one of the leading exporters in the Australian manufacturing sector. At present, Australia is the 15th largest pharmaceuticals market globally. The Australian pharmaceuticals industry is expected to double its share in the world pharmaceuticals market by 2012. Currently, the Australian pharmaceuticals industry represents one percent of the world pharmaceuticals market.

Kankhar further explains, "The majority of multinational industry participants in Australia are subsidiary organisations. The leading participants include Sanofi-Aventis, Novartis, Roche, Lily, Wyeth and CSL being the largest Australian biotechnology company. Whereas, research-oriented biomedical science companies and institutes such as IDT, Zenyth, Therapeutics and Cerylid Bio Sciences often work in collaboration with hospitals, universities and other government organizations. This collaboration plays a critical role in biomedical discovery R&D and clinical trials R&D in Australia."

The cost-effective drug discovery solutions through in-silico research are driving SME life sciences companie
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