AusBiotech submits to Productivity Commission's IP Inquiry
Trade group AusBiotech has called for a globally competitive and harmonised intellectual property system in its submission to the Productivity Commission’s Issues Paper on Australia’s Intellectual Property (IP) Arrangements.
Intellectual property is the fundamental source of protection for innovation. It is particularly important that local biotech and medtech innovation is not disadvantaged through a lack of harmonisation with other region’s IP systems. Ensuring that Australia has a globally competitive IP system is the key to our future health and wealth. Such a system will help:
- Increase the return on inventions and developments made possible by the significant level of public support for medical research in Australia;
- Provide greater incentive and certainty for the commercialisation of local, Australian health technology inventions and developments – supporting Australia’s rapidly developing biotechnology sector;
- Attract additional global investment in Australia’s research and development efforts; and
- Increase access to new medicines, medical devices and vaccines for Australian patients.
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