Posted 15 September 2021
Australia’s health innovators support the introduction of a Patent Box, and we welcome this initiative by the Australian Government. With the right policy settings, a Patent Box will ensure Australian discoveries in health are developed here, ensuring Australia captures the opportunity for new industries and jobs in health innovation. We look forward to working with Treasury to ensure the design of the patent box adequately incentivises Australian health innovators to develop and manufacture their ideas onshore.
This collective statement is made by Research Australia, Medicines Australia, AusBiotech, and the BioMelbourne Network. In short, we represent a broad cross-section of health innovators. Our combined membership conducts most health-related research and development (R&D) activities in Australia with the objective of discovering and delivering better health outcomes and an enhanced health system for Australian patients and the world. This membership includes universities, research institutes, consumers, and small, medium and large companies.
A Patent Box is a tax concession that provides a lower tax rate for income derived from certain forms of intellectual property (IP), typically patents. The policy goal of patent boxes is to promote R&D and the commercialisation of IP.