R&D tax credit will keep Australia competitive, says trade group

The R&D tax incentive legislation reintroduced to the Australian Parliament this week has the potential to make the country more globally competitive as an investment location for pharmaceutical R&D, Medicines Australia chief executive Brendan Shaw said.

“This legislation provides both local and international companies with an additional incentive to invest in R&D in Australia,” Dr Shaw said, adding: “It is an extremely positive and beneficial measure and I call on all parliamentarians to support it.”

The head of the pharmaceutical industry trade group noted that “the bottom line is that this legislation will reduce the net cost of undertaking R&D in Australia by 10% and make us more globally competitive. This could be a massive opportunity for the pharmaceutical and biotech industries in this country.”