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Innovation focus will deliver benefits to Australia

Monday, 7 December 2015

Media Release

Medicines Australia welcomes the Turnbull Government’s National Innovation and Science Agenda and its recognition that innovation is a key to economic growth.

The growing policy focus on innovation from all sides of politics is positive news not only for the Australian economy, but ultimately the livelihoods and health of all Australians.

Medicines Australia CEO Tim James said, “The interest from our politicians in unlocking the opportunities for Australian innovation and ingenuity should be commended.”

“The right innovation policies can enable industry to invest in highly-valued jobs within sectors such as the Australian biopharmaceutical community which is good for the economy and the community,” said Mr James.

The Government’s Innovation Agenda has several initiatives which Medicines Australia will review and assess the potential benefits for the broader sector.

The Biomedical Translation Fund; the creation of Innovation & Science Australia; intangible asset depreciation; investment in world class national research infrastructure; a greater emphasis on commercial outcomes for University research; and encouraging more women to work in STEM jobs will all help to support the ecosystem which the Australian biopharmaceutical sector operates, collaborates and invests within.

Medicines Australia also welcomes the recognition afforded to intangible assets such as patents, as critical to driving growth and ensuring that Australia’s IP regime remains internationally competitive.

“Ultimately, in our sector, it’s important that innovation policies help stimulate Australia’s capabilities to discover and develop the next generation of breakthrough medicines because this delivers not just economic but also health benefits for the Australian people,” said Mr James.

“Our members already deliver more than $1 billion every year to Australian research and development and the more our politicians deliver policies which encourage innovation the more chance for this investment to grow.”

“There have been some positive signals from our politicians to the world that Australia wants investment, it wants opportunities for its people and we look forward to seeing more of it in 2016. A key opportunity will be to ensure it leads to better lives for all Australians in the years ahead.”

Contact:

James Boyce
Phone: 0423 239 265
Email:
James.Boyce@medicinesaustralia.com.au

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