Patent box legislation to promote Australian innovation

14 February 2022

Pharma trade group Medicines Australia notes the introduction of patent box legislation, Treasury Laws Amendment (Tax Concession for Australian Medical Innovations) Bill 2022, in the Australian Parliament yesterday.

In the 2021-22 Budget, the government announced that it would introduce a patent box regime for eligible corporate income associated with patented inventions in the medical and biotechnology sectors.

Medicines Australia chief executive, Elizabeth de Somer, said that incentivizing the commercialization of innovative medical and biotechnology products in Australia through the patent box is an important first step in supporting home-grown innovation.

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