The Asian currency crisis and the Australian health industry

Abstract

This article identifies linkages between the Australian health industry and theglobal economy. It discusses some of the consequences of the Asian currency crisisof 1997?98 for the Australian economy and health industry, with special emphasisupon exports. Devaluation of the Australian dollar will increase the cost of mostpharmaceutical and medical imports, but may offer competitive advantages to someAustralian exporters. The nascent engagement with Asia of many health industryenterprises is likely to be stifled. It is therefore important for Australian governments,as well as the Australian health industry, to provide intelligence and encouragementto those enterprises that wish to continue their engagement with Asia or resume itwhen economic equilibrium returns. Markets throughout the world must also befurther developed. The crisis may therefore provide the stimulus for re-thinking andre-stating Australian health export policy.