The Therapeutic Goods Legislation Amendment (Copyright) Act 2011 is a short Commonwealth amending Act. It does not create a new standalone copyright regime for medicines. Its main function is to amend the Copyright Act 1968 by inserting section 44BA.
That inserted section creates a targeted copyright exception for certain acts involving approved product information for medicines under the Therapeutic Goods Act 1989. In practical terms, the law says that some acts involving that approved product information are not an infringement of copyright.
For businesses, the key point is that this is a narrow operational exception. It can be very useful if your business needs to handle approved product information in software, databases, pharmacy systems, hospital systems or publication workflows. But it is not a general permission to copy all content about medicines.