Australian complementary medicines sales have more than doubled from $2.3 billion to $4.7 billion in just over three years according to Complementary Medicines Australia (CMA) ceo Carl Gibson, who yesterday unveiled the results of the 2017 Australian Complementary Medicines Industry Audit.
Gibson was speaking at the Complementary Medicines Australia Innovation Seminar and Supplier Expo yesterday, saying the result reflects the growing consumer demand for complementary medicine products, both here and internationally. “Very few industries globally can boast a double digit compound annual growth rate,” he said.
“This reflects the growth achievement across the entire industry supply chain and all supporting sectors from raw material suppliers to natural health practitioners.”
Assistant Minister for Industry, Innovation and Science, Craig Laundy, congratulated the industry on its impressive growth.
“The comprehensive audit clearly shows that the complementary medicines industry is in good health as Australians continue to invest in their wellbeing.”
Gibson said the Australian CM industry provides an excellent case study into the growth possibilities of the sector when supported by the government’s National Innovation and Science Agenda, including “the strong focus on helping to drive investment in research and development, the promotion of trade liberalisation and supporting Australian firms to be competitive on the global stage.” As well as the stunning growth in the industry, the audit showed the vitamin and dietary supplements (VDS) category has doubled over the last 10 years.
There are 82 TGA licensed manufacturing sites in Australia, with the CM sector providing 12,700 direct high skilled jobs, along with 36,441 employees across 29 natural therapy modalities.
See more at cmaustralia.org.au