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The Top 5: Opportunities from the Federal Budget

Here are five initiatives from the Budget we believe will offer commercial opportunities. Of course, please contact us today if you wish to explore them further.

1. MOU

It represents certainty for the Pharma industry, and delivers the ability to accurately forecast and plan strategies until 2014. It’s also a clear demonstration that the Government is interested in engaging with industry, so now is the time to refine your government engagement strategy.

2. $10m to Promote Generic Medicines

The generics industry may have been left out of the MOU discussion, but this sum buys a significant advertising campaign that could be extremely effective if targeted correctly.

3. e-Health

This initiative enables all Australians to personally control their health records for the first time. It provides opportunities in continuity of care, quality use of medicines, a reduction in medication errors and a coordinated approach to patient care.

4. Preventative Health – Diabetes

Headlines focused on the Budget’s preventative health strategies for reducing smoking and binge drinking, but it also has a significant provision for fighting diabetes. There are opportunities for organisations involved in this therapeutic area, with almost $450m allocated to keep patients healthy and out of hospital.

5. Aged Care

In an effort to provide better support for older Australians, the Budget promises nearly $1b over four years to deliver more qualified aged care workers. There is also provision for more aged care places and an increase in healthcare services for older Australians. This offers many opportunities for organisations associated with the delivery of products and/or services to older Australians.

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