Announcements in the 2021 Federal Budget are backing biotech and demonstrating the Government’s ongoing recognition of biotechnology as a long-term social and economic driver that will enhance Australia’s competitiveness, and keep us at the cutting edge of science and innovation.
Following the October budget’s support of pre-revenue companies through the RDTI, this budget offers further support of biotech manufacturing and the talent behind the companies and products.
Research and innovation are central to Australia’s international competitiveness and the newly announced patent box will help bridge the gap to commercialisation, and support companies to keep the development of their IP and the value they create from it – especially by manufacturing locally – in Australia to benefit Australians.
Only patents applied for after the Budget announcement will be eligible, which means that the benefits will not be seen for some years, however AusBiotech is pleased that the patent box will offer sound long-term structural policy that will benefit the country. Advocacy interest in the incentive commenced in 2013, and AusBiotech commends the Government whole-heartedly for this announcement for medical and biotechnology innovations. The Government has pledged to work closely with industry on its design, and AusBiotech looks forward to continuing this work together.
The budget also included support for building sovereign manufacturing capability by way of developing onshore mRNA vaccine manufacturing capability in Australia; employee share schemes reform; clinical trials support, scholarships for women in STEM, in partnership with industry; and retaining the prostheses list.
As the national voice of the biotechnology sector for more than 35 years, AusBiotech remains committed to amplifying opportunities and communicating the industry’s concerns to reduce barriers. It is pleased to deliver a wrap-up of announcements for life sciences that will work to support the capability and capacity of our sector and enable it to thrive long-term as a global leader.