High levels of regulation and a heavy reliance on government funding is not impeding growth of the healthcare sector in Australia.
The main factor driving the growth is Australia’s increasing and ageing population. The Australian Bureau of Statistics (ABS) predicts by 2050, Australia’s population aged 65 and over (which represent 34% of the healthcare spending in Australia) will increase to approximately 7.8 million (from 3.5 million in 2015), representing 21% of the total population.
Notwithstanding that the barriers to entry are high, we are still seeing increased competition from both internal and external sources. International trade agreements such as those negotiated with Japan and China will see international competition increase, but also provide opportunities for Australian providers to expand internationally. The Trans Pacific Partnership will open up Australia even further.
Technological developments are also very relevant within the healthcare sector. Businesses will need to find innovative solutions to compete and stay relevant within the sector as technological changes continue.
Ferrier Hodgson is regarded as a market leader in healthcare advisory services in Australia and a trusted advisor to operators, lenders and financiers to the sector.
Our dedicated healthcare team benefits from targeted, continuous industry education and direct involvement in the sector. Our skills and knowledge of emerging regulations and standards are enhanced by close working relationships with industry experts.
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