Posted: 23 February 2022
AusBiotech has welcomed the patent box legislation that was introduced to the Australian Parliament on 10 February – to provide a tax incentive for Australian medical innovations.
AusBiotech CEO, Lorraine Chiroiu, said, “AusBiotech notes the progression of the patent box legislation as a positive first step.”
“AusBiotech looks forward to the establishment of an expert working group, with industry representation, to support the implementation of the patent box scheme – in order for Australia to realise the benefits of this important incentive.”
“This tax concession, from AusBiotech’s perspective, aims to support Australian medical innovators to be globally competitive, retain value creation from home-grown research and IP, and to support sovereign capability. Its purpose is to make it more genuinely viable for businesses to retain this value creation and manufacturing in Australia, including providing an incentive to industry to locate the associated high-value jobs at home.”
A well-designed patent box will support Australian manufacturers to remain competitive on an international scale by bridging the gap between R&D and commercialisation.
AusBiotech is Australia’s biotechnology organisation, working on behalf of members for more than 35 years to provide representation and services to promote the global growth of Australian biotechnology. AusBiotech is a well-connected network of over 3,000 members in the life sciences, including therapeutics, medical technology (devices and diagnostics), food technology and agricultural sectors.