Australian English Institute of Medicine chief executive John F. McElroy says the world economy is in good shape, with investment expected to increase by about 7.5 per cent this year, while the global economy is expected to grow by 1.5 percent this year.
The institute’s chief executive, Mr McElroys son, John, said that if the new compound is approved, it will boost the world economic recovery by more than $20 billion.
“The Australian economy is really well-positioned for growth, the world is well-placed for growth and if the company’s approved, I think it will go a long way towards providing more than 7 per cent growth,” Mr McEllrys son said.
“So it’s an exciting thing for Australia.”
Mr McEllsons son said the company had been in discussions with regulators to find out if it would be allowed to continue to manufacture the drug in Australia.
The new drug is an advance version of a cancer drug, called cetuximab, which is currently being tested in clinical trials.
Mr McElrys told the ABC the company would be “proud” to be the first Australian company to receive approval to use cetuzumab.
The drug was approved by the US Food and Drug Administration last year, which means it can be used in the US.
It is expected that the drug will be approved for use in Australia within a few months.
The announcement comes amid a national debate about the cost of drugs, with the Australian Government last week deciding to raise its Medicare co-payment by two per cent.
The move is the latest in a string of high-profile policy changes that have been made by the Government, including the Government’s decision to raise the maximum Medicare co and income-contingent payments to $7,200 from $5,800.
Topics:drug-use,health,medicines-and-medical-research,australia,government-and toppos-state-issues,health-policy,government,aesthetics-and_medical_specialties,diseases-and‐disorders,cancer,aussies-union-national-party,aurnabe-4086,bayswater-4081First posted November 14, 2020 13:41:04Contact Nick WorsfoldMore stories from Victoria