Medicines Australia welcomes ALP R&D investment pledge
Medicines Australia welcomes today’s announcement from the Australian Labor Party to reform the Research and Development (R&D) Tax Incentive if elected on 18 May.
Medicines Australia CEO Ms Liz de Somer said: “A collaboration premium to foster stronger links between industry and researchers is a positive step toward strengthening Australia’s medical and pharmaceutical research capacity.
“As an industry, we invest approximately $1 billion in collaborative partnerships, many of which are with research institutes and universities,” she said.
“Strong R&D incentives are a key driver to a knowledge-based economy. They encourage primary investment, but they also have very important secondary benefits, like expanding Australia’s knowledge base, attracting and retaining academic and research talent, and strengthening our regional trade capabilities.
“The pharmaceutical industry is highly reliant on a policy environment that strongly supports innovation, R&D and commercial translation to at least the same levels as competitor nations. Without policies such as the R&DTI, there will be limited incentive for ongoing investment into Australia.
“Medicines Australia has long advocated for a strengthened R&D Tax incentive that encourages investment from large companies. We have sought a bipartisan commitment to retain the R&D tax incentive in a form that supports clinical trials and removes the requirement for an intensity threshold for research driven medicines and therapies.
Medicines Australia welcomes the appointment of the former Chief Scientist Professor Ian Chubb as leader of the ALP’s proposed root and branch review of Australia’s research sector.
Medicines Australia Chair Dr Anna Lavelle said: “Professor Chubb is a strong believer in the important role of medical research & development and clinical trials in the innovative medicines sector.
“Professor Chubb has made a considerable contribution to the Medicines Australia Advisory Council, by providing a long-term strategic lens on the future trends in Australia both within the health and medicines research sector and beyond.
“We look forward to collaborating with Professor Chubb in his new role and to positively contribute to the review of Australia’s research priorities, as the medicines sector is a key innovation industry and provides a clear opportunity for growth.” said Dr Lavelle.
More information – Natalie Wimmer – Media Manager, Medicines Australia – 0450 728 660