The medicines industry in Australia proved to be the nation's most valuable hi-tech exporter, raking in $3.744 billion in 2011.

Figures from the Australian Bureau of Statistics shows a decline by almost $300 million. In spite of this decrease in exports, the medicines industry still managed to retain the stop spot as Australia's most valuable hi-tech exporter, with the car industry coming in at second place with exports amounting to $2.539 billion, followed by the wine industry with $2.034 billion.

The Australian medicines industry’s exports had held up well in the face of a challenging global economy.

“The latest ABS data shows that pharmaceutical exports have remained more or less flat, despite an exceptionally tough global market,” said Dr Brendan Shaw, chief executive of Medicines Australia which represents the industry.

“These numbers underline the significant contribution Australia’s medicines industry continues to make to the economy.

“The Australian medicines industry has continued to export more goods around the world than any other hi-tech industries. This reaffirms the pharmaceutical sector as one of the unsung heroes of Australian industry. It is a real export success story.

"Australia has an opportunity to build on the hi-tech export capability of its medicines industry if we can get the health, innovation and industry policy settings right.

"As a nation we already export more medicines than cars or wine, but with revamped policy settings and incentives from Government we could build the Australian medicines industry into one of our key innovative export industries for the future."

Asian countries account for approximately half of pharmaceutical exports from Australia. South Africa, Europe and New Zealand are the other major export markets.

Dr Shaw said export earnings for the Australian medicines industry had grown 1200 per cent since 1990.

“At a time when Australia is debating the future of manufacturing in this country, this data underscores the important economic contribution the Australian medicines industry is already making to the community,” he said.

The Australian medicines industry employs 14,000 people.

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