Updated on 24 January 2015
Dr Anna Lavelle, CEO, AusBiotech, Australia
Singapore: It is widely acknowledged that building Australia's capacity as a technologically innovative country is vital for our economic future. High-tech innovative industries generate globally competitive economies and sustainable, high-skilled jobs and Australian biotechnology is poised to make its contribution to Australia's growth. Australia has a strong comparative advantage in medical research and the calibre of its researchers, and in its ability to specialize in niche manufacturing, and a burgeoning biotechnology industry that is globally impressive by any comparative measure.
Following the success of our campaign to introduce the R&D tax Incentive and to defeat the Private Members' Bill that sought to ban patents on all biological materials, work continues at a range of levels and the AusBiotech's role in public policy advocacy will focus on seeking greater government investment in innovation, advanced manufacturing, tax reform on the basis that a growing biotechnology and life sciences industry will significantly boost Australia's economic performance and build our nation.
AusBiotech will continue to work towards retaining the R&D Tax Incentive intact; Introduce the Australia Innovation and Manufacturing (AIM) Incentive, a patent-box style incentive to enable Australian innovation to be internationally competitive, and retain the associated benefits once our research reaches commercialization; Introduce fiscal incentives for investors in pre-revenue and start-up companies, to encourage ‘patient' venture capital; and assisting in the consultation process to restore the Employee Share Scheme to its pre-2009 form, especially for start-up companies.