Australian biotech bodies propose tax incentive to the senate as a boost to domestic innovation

Australian biotech industry leaders including AusBiotech, Cook Medical Australia and the Export Council of Australia have proposed an Australian Innovation & Manufacturing Incentive in their submission to the senate’s inquiry into the state of innovation in the country.

The proposed incentive would encourage companies to commercialize intellectual property in and from Australia, and works by providing a reduction in the tax payable on profits that come from the commercialization of certain intellectual property (mainly patents or licenses to patents) in Australia.

The group made the proposal collectively and is asking the government to channel it into the National Industry Investment and Competitiveness Agenda.