AusBiotech calls for greater culture of innovation and infrastructure in Australian Senate inquiry

AusBiotech, a body representing the biotechnology industry in Australia, has called for a greater culture of innovation in its submission to the Australian senate standing committee on economics, calling for tax reform, support for commercialization, incentives for commercial thinking and clinical trial reform.

Australia was recently ranked fourth in the world for its achievement in biotechnology, but members of industry believe the government must do more to promote further progress in this industry.

It has said that public policy plays a critical role in the ability of a biotechnology industry to flourish, and that the government must incentivize positive behaviors by implementing a tax policy that is competitive on a global scale, and provide infrastructure support. It believes that with the right direction and support, a domestic biotechnology industry could be a major contributor to the economy.