Trade body touts accomplishments of Australian biotech sector

Trade group AusBiotech has released its annual report, showcasing the accomplishments of the Australian biopharmaceutical sector and lobbying for the preservation of tax incentives for research and development.

The report notes that the ASX-listed Australian life science industry is valued at more than A$100 billion ($78 billion) by market capitalisation and comprises around 100 companies. The industry has seen healthy capital raisings with a record A$1.38 billion raised in 2016.

In Australia, startup companies have benefitted from significant tax incentives for research and development, but this scheme is under review. AusBiotech says it opposes: “The proposed A$2 million cap on claims for small-medium enterprises.”