Queensland is the place to locate your business or research activities in the complementary medicines, nutraceuticals, cosmeceuticals, pharmaceuticals and functional foods sectors that form part of the broader Life Sciences Industry. This industry in Queensland is dynamic and has achieved significant success in the local, national and international market.
Queensland accounts for one third of the Australian complementary medicines market with an estimated national worth of $1.5 - 2.5B per annum. The expected market growth rate over the next six years is 6%1. Stimulating this growth is:
- increasing consumer demand for evidence based complementary therapies and medicines,
- investment in evidence based research to validate claims and outcomes for complementary medicines and a greater acceptance by conventional medicine practitioners and researchers, and
- internationally recognised regulatory standards which ensure quality, safety and efficacy of Australian manufactured products.
Research has shown that two in three Australians use complementary medicines. Furthermore, consumers are spending four times more in out of pocket expenses on complementary medicines than on pharmaceuticals2.
Complementary medicines have become a key platform in addressing national health priorities. Preliminary evidence suggests that complementary medicines can offer substantial, cost-effective public health benefits in chronic disease management, preventative, aged and palliative care, many of which are national research priorities.
1National Institute of Complementary Medicines 2009
2National Institute of Complementary Medicines 2008
Queensland is home to a growing cluster of complementary medicine and nutraceutical firms and stakeholders. There are over 400 businesses and research institutions, employing almost 10,000 people. Queensland is well placed to capitalise on its unique biodiversity for the discovery, innovation and development of new natural medicines, nutraceuticals, cosmeceuticals and functional foods.
MediQ is an initiative of the Queensland therapeutic medicines industry and is supported by the Queensland Government. The forum drives strategic development and research opportunities, builds networks and has its membership drawn from:
- academics and researchers,
- entrepreneurs and innovators,
- business owners and industry, and
- Queensland Government and other stakeholders.
The MediQ strategic plan focuses on growing the complementary medicines and nutraceuticals industry ecosystem through four key drivers, including:
- innovation and new product development,
- exploring opportunities to export,
- developing manufacturing practices, and
- continuous improvement within the regulatory environment.
Importantly, MediQ has successfully built and maintained a synergy between a multitude of stakeholders by sharing common values and passion to grow the Queensland industry.
MediQ possesses affiliations with national and international stakeholders and has established strong relationships with national agencies such as the Therapeutic Goods Administration, the Complementary Healthcare Council of Australia (CHC), and the national office of the National Institute of Complementary Medicine (NICM). By connecting with these agencies, MediQ is up to date with national priorities and initatives, and influences and contributes to outcomes.
An example of a Queensland collaborative initiative which stimulates the industry eco-system, maintains and generates jobs in the sector and aligns with national health priorities is teh Scholarship for Economic Analysis and Research in Complementary Health (SEARCH).