R&D booming in Australia
September 12, 2012
MEDICINES research and
development investment in
Australia exceeded $1 billion for the
third successive year during 2010-
11, according to the annual
Australian Bureau of Statistics
business expenditure report on
R&D released this week.
According to the figures, the
medicines industry attracted
$1.036 billion in research and
development investment in
2010-11, and was found to be the
third largest by area of business
expenditure, behind financial
services and mining.
Responding to the report
Medicines Australia CE Dr Brendan
Shaw said “These figures confirm
Australia’s reputation as a global
centre for R&D excellence”.
“Australia boasts some of the best
scientists and research
infrastructure in the world,” he said.
“That is an advantage we must
continue to capitalise on,” he added.
Speaking about the report, Shaw
said that the figures point to the
untapped potential to leverage this
success and grow the medicines
industry.
Shaw also lauded the new R&D
tax credit system introduced in
August 2011 saying that it has
effectively reduced the cost of
eligible R&D by up to 10%.
“Maintaining the R&D tax credit
incentive is key to continuing
investment in R&D in Australia and
supporting high-value research
jobs,” he said.
MEANWHILE Shaw also used the
report’s release as a chance to call
for the implementation of the
recommendations of the Govt
appointed Clinical Trials Action Group
which focused on four key issues
including the timeliness of clinical
trial approvals, the benefits of ehealth
for clinical trials, improving
patient recruitment and the level
of support for clinical trials networks.
“Australia is facing fierce
competition for clinical trial
investment from countries such as
Brazil, India and China,” Shaw said.
“We have been losing clinical
trials to these competitors.
“To be more competitive, we urgently
need to see the implementation of
the recommendations of the
Government-appointed Clinical
Trials Action Group.
“That will help Australia be more
attractive as we compete for
investment dollars,” he added.
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