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Australian Industry Participation Purchasing Policy

Company Overview

Pharmaxis Ltd is a specialist pharmaceutical company involved in the research, development and commercialisation of human health products for chronic respiratory and autoimmune diseases.Therapeutic interests include lung diseases such as cystic fibrosis, asthma, bronchiectasis, chronic obstructive pulmonary disease and diseases of the immune system such as multiple sclerosis and rheumatoid arthritis.

Pharmaxis was incorporated in Australia on 29 May 1998 and its shares were quoted on the Australian Securities Exchange in November 2003.

Headquartered in Sydney at its Therapeutic Goods Administration approved manufacturing facilities, Pharmaxis has grown to become one of Australia's largest life sciences company.

Innovation and Leadership

As well as being a product innovator, Pharmaxis has led the Australian pharmaceutical sector in forging a new operating model that others are now following. Pharmaxis' is building a fully integrated specialist pharmaceutical company which develops and commercialises specialist therapeutic products both independently and through collaborative relationships with selected market leaders.Key aspects of its strategy include:

• focusing on highly attractive product development and commercialisation opportunities which derive from the world class research undertaken in respiratory and immunology in Australia;
• participating in the complete product development and commercialisation value chain rather than contracting out large parts of the value chain to non Australian entities;
• expanding the Company's research and development pipeline within Australia thus providing local employment opportunities for scientists and technicians, and knowledge transfer from the public to private sectors.

Pharmaxis is the first Australian pharmaceutical company ever to have completed Phase III clinical trials without a partner and to bring a therapy from molecule to market, making Pharmaxis' product, Aridol^TM the first wholly Australian-made pharmaceutical product.

Pharmaxis' products will be manufactured in Australia, initially in our facility in Frenchs Forest.

Industry Background

The Australian pharmaceutical industry covers a wide range of companies operating in diverse business sectors from large foreign owned multinational corporations to small companies participating in novel research into human health care. Supporting the mainstream companies are a range of contract organizations from manufacturing to quality control testing to safety testing. However, there are few companies that participate in the complete value chain and few internationally competitive Australian pharmaceutical companies.

Pharmaxis intends to become a fully integrated company participating in the complete value chain supplying its products worldwide from an Australian base. Pharmaxis therefore has to undertake internationally competitive pharmaceutical research, develop its products for international markets, prepare a manufacturing capability and ensure international distribution and sales and marketing of its products.

Australian Industry Participation Policy

Pharmaxis recognises the benefits to flow to Australia through supporting, in its capital expenditure program, the selection of Australian companies and suppliers, including:

• boosting employment and business growth in Australia by expanding market opportunities for Australian companies and suppliers;
• raising awareness of the world class capabilities of Australian enterprises and suppliers; and
• developing the international competitiveness and flexibility of Australian enterprises and suppliers in responding to changing global markets, by ensuring Australian enterprises have a fair opportunity to compete against overseas suppliers.

Having regard to Pharmaxis' goal of becoming a fully integrated company participating in the complete value chain supplying its products worldwide from an Australian base, Pharmaxis intends to provide a margin of preference to Australian companies and suppliers when such companies and suppliers:

• supply comparable goods and services; and
• supply at prices which are competitive.

As such, all parties offering goods and services as may meet Pharmaxis' requirements will be given full, fair and reasonable opportunity to supply.

The Industry Capability Network Ltd

Having adopted an Australian Industry Participation Policy, Pharmaxis will receive referrals from The Industry Capability Network (ICN). The ICN is an independently managed, non-profit organisation financially supported by Australian State, Territory and Commonwealth Governments.The ICN facilitates business partnerships for the purpose of Australian supply, access to global supply chains and Australian business growth.The ICN sources competitive Australian products and services. The ICN also finds local producers and evaluates their technical capability to meet companies' production requirements.

Australian companies and suppliers wishing to do business with Pharmaxis should contact ICN:

Contact:Frank Tomisich, Business Capability Advisor

Phone: +61 (3) 9866 6155

Facsimile:+61 (3) 9866 6304

Email: ftomisich@icn.org.au

Website: www.icn.org.au