R&D Tax Incentive Review
Medicines Australia welcomes the release of the report commissioned by the Australian Government into the R&D Tax Incentive Programme.
The report, authored by three of Australia’s most experienced business and scientific minds has outlined some interesting and worthwhile ideas to encourage more investment in Australian research and development which deserve further exploration by the Government and affected industries.
Mr Bill Ferris AC, Chair, Innovation Australia; Dr Alan Finkel AO, Chief Scientist; and Mr John Fraser, Secretary to the Treasury, were appointed by the Prime Minister in 2015 to review the current scheme as part of the National Science and Innovation Agenda (NISA). Under the NISA, the Medical Technologies and Pharmaceutical sector is identified as one of the key innovative industries of the future.
The members of Medicines Australia discover, research and develop the latest medicines and vaccines and are some of the largest investors in R&D around the world.
Locally, our members invest around $1 billion a year in Australian R&D and are at the forefront of collaboration and commercialisation with Australian research centres, Universities and Biotechs.
With global demand for new medicines expected to double over the next decade, Australia stands at the cusp of exciting opportunities in medical research and development. Making the most of this opportunity will help drive economic growth, deliver more high-skilled STEM jobs and provide Australians with improved access to medicines and health innovation.
Medicines Australia supports efforts to make sure the R&D tax programme delivers on the NISA objectives by supporting industries with growth potential. We believe R&D incentives are critical to attracting additional investment in Australia’s life sciences sector.
The review panel’s final report contains several significant recommendations that will require closer examination and we look forward to the opportunity to consult with the Industry, Science & Innovation Minister, Greg Hunt, and his Department as the Government looks to finalise its policy.
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