Medicines Australia welcomes ALP R&D investment pledge

Trade group Medicines Australia said today that it welcomes the announcement from the Australian Labor Party (ALP) to reform the Research and Development (R&D) Tax Incentive if elected on May 18.

Medicines Australia chief executive Liz de Somer said: “A collaboration premium to foster stronger links between industry and researchers is a positive step toward strengthening Australia’s medical and pharmaceutical research capacity. As an industry, we invest approximately A$1 billion (US$ 704 million) in collaborative partnerships, many of which are with research institutes and universities.”

She continued: “Strong R&D incentives are a key driver to a knowledge-based economy. They encourage primary investment, but they also have very important secondary benefits, like expanding Australia’s knowledge base, attracting and retaining academic and research talent, and strengthening our regional trade capabilities.