Posted October 02, 2018 16:21:36Xellia has been named one of the top 100 pharmaceuticals companies in the world by Forbes magazine, a prestigious ranking of the industry.
The announcement comes just two weeks after the Australian Medical Association (AMA) backed Xellianis position on a controversial new proposal to change the way the company was rated.
The AMA is concerned the new proposal would give pharmaceutical companies too much power, with the new formula potentially causing the AMA to downgrade Xellias rating.
Key points:The AMA’s latest annual report ranked Xellies pharmaceuticals company as one of Australia’s 100 most influential and successful in the industry and in 2017, it voted Xellians company as its most influential in the country.
Xellias parent company, New South Wales-based Wyeth, is the largest Australian pharmaceutical company with a turnover of $US8 billion.
Xellenia is a drug company that is the parent of Wyeth Pharmaceuticals and has a turnover in excess of $8 billion, according to the company.
But critics say that Xellicas own drug brand, Xelliacan, is already branded and sold under other names.
In a statement to News.au, Wyeth said the name change was part of a long-term plan to improve its brand recognition.
“We’re very pleased with our recent recognition and look forward to continuing to lead by example, and providing a better and more secure experience for patients and the wider healthcare community,” the statement read.
Wyeth said it wanted to align with its brand, and make Xelliys products accessible and affordable to its patients.
“It’s important to recognise that the decision to change our brand is a long way from an easy one,” it said.
“WyETH is committed to making sure that our products are affordable, accessible and accessible to as many people as possible.”
The AMA says it is concerned Xellys decision could create a conflict of interest in the AMA’s annual report, and potentially the AMA as a whole.AMA chief executive officer Dr David Jardine said he was “surprised” by the AMA decision, and questioned whether the AMA was doing its job in a way that could be beneficial to all.
“As a regulator, we’re responsible for ensuring that the public gets a good assessment of the pharmaceutical industry’s performance and whether that reflects the public’s views,” Dr Jardines statement read, adding that the AMA “may have an interest in getting a good view of the company”.
The AMA said it was also concerned by the potential impact the change could have on other pharmaceutical companies, and that this could include Wyeth and other pharmaceuticals firms.
“The AMA recognises that the Xellie company is an important part of Australia and its economy, and the AMA is confident that the new name recognition will help its brand to achieve this level of recognition in future years,” Dr Sridhar Venkatesan, chief executive of the AMA said in a statement.
“Our review will focus on the public assessment of Xellica’s brand, including the impact this could have for other pharmaceutical firms and the impact that the name changes may have on the overall public perception of Xllia Pharmaceutical Services.”
“In the event of a conflict, the AMA will be keen to work with any other companies that may be affected.”
Xellicans decision to keep the name of the brand it is now selling is a reflection of its continued success, said the AMA.
“While the AMA has been critical of the name-change proposal, the change is clearly a reflection on the AMA, as it has recognised that Xllie has achieved an outstanding level of brand recognition,” Dr Venkatean said.