AUSTRALIA’S ‘BIG’ drug companies have launched a $1 billion expansion in Asia, with Kiniksas Pharmaceuticals expected to spend $1.4 billion on expansion of its Asia operations.
The announcement comes as the Australian pharmaceuticals market grows by more than 30 per cent annually to more than $2 trillion, with Australia having overtaken the US in terms of market share.
KiniksAmpio, a leading generic drug maker, announced its Asia expansion in a statement on Monday, saying it will invest $1bn in new infrastructure in Asia.
The company said the expansion will bring “significant benefits to our customers in the Asian markets, particularly Singapore, where our products are widely used”.
The Kiniinksa pharmaceutical group said the $1b expansion will help the group “ensure that its customers continue to enjoy high-quality generic medicines at competitive prices”, as well as “enhance the value of our Asia operations”.
KiniinksAmpo is a leading generics manufacturer in Australia, with sales of more than 7 million drugs in 2015.
It is also Australia’s largest generic pharmaceuticals seller.
Kimiksa Pharmaceuticals has announced that it will spend $500m to build a new manufacturing facility in Singapore, and to invest $600m in Singapore-based KiniKis research and development centre.
Kinikas Pharmaceutical was founded in 1997, with its first product, a painkiller, named after the Indonesian island.
KinkiKis is a global pharmaceutical company that focuses on the development and manufacture of generics drugs, with the aim of bringing the best drugs to the global market.
KinikeKis has said it will build its Singapore headquarters on the site of the old Kinikas pharmaceutical factory.
KinicKis, which is based in Singapore but also operates in Malaysia, the United Arab Emirates, Thailand and Vietnam, is the only Australian company to have built its Singapore office on the same site as the Kinikis manufacturing facility.
Kinix Pharmaceuticals is the world’s largest generics drug maker.
It has more than 10 million generics products sold worldwide.
Kinis said it was delighted to have reached an agreement with Kinikias to build an office in Singapore.
The expansion comes as Australia’s drug markets are growing by more to more the $2.7 trillion market.
In Australia, generics accounted for 15 per cent of all prescriptions, up from 6 per cent in 2014.
The Australian Competition and Consumer Commission has criticised the drug companies for not making it easier for consumers to access generic drugs, saying they are “often undervalued, poorly understood and often prohibitively expensive”.
In Australia’s first ever survey, published last year, researchers from the Australian National University found that a quarter of respondents said they would prefer generic drugs if they could get them cheaper, while two thirds would be “very unhappy” if they did not have generics available.