World Intellectual Property Day 2016
Medicines Australia acknowledges World Intellectual Property Day, an international initiative celebrating the role intellectual property plays in stimulating innovation.
Medicines Australia represents the research-based innovative medicines industry in Australia. Our members invest more than $1 billion every year in Australian-based research and development such as clinical trials and partnerships with Australian Universities, Biotechs and research centres.
There are more than 50 pharmaceutical companies and around 400 locally-owned medical biotechnology firms operating nationally. World Intellectual Property Day reminds us that industries such as the innovative medicines sector that rely on intellectual property play a central role in driving economic growth, jobs, and competitiveness in Australia.
However, the value of our industry must also be recognised for its broader contribution to the health and livelihoods of all Australians. Innovative medicines that deliver new treatments and cures to patients contribute to higher productivity and lower health care spending.
The pharmaceutical industry invests more in Research & Development (R&D) than any other business sector in the world. Investment in R&D enables the development and commercialisation of important Australian discoveries
We must ensure that Australians continue to benefit from innovation through a robust intellectual property regime that supports the development of new medicines.
On this day when intellectual property is being celebrated around the world, let’s be proud of Australia’s innovative achievements.
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