Industry future
November 29, 2011
MEDICINES Australia has
presented an action plan for the
Federal Opposition’s Industries for
Australia’s Future review.
The action plan is designed to
ensure continued growth in the
Australians medicines industry and
includes recommendations to
lower the corporate tax rate to
20%, as well as to strengthen
intellectual property laws, establish
a strategic co-investment fund and
improve the investment
environment for clinical trials in
Australia.
“We’ve identified a number of
areas in which reforms would help
ensure the medicines industry’s
long-term viability in Australia,”
said Medicines Australia Chief
Executive, Dr Brendan Shaw.
“These reforms will help the
medicines industry contribute
substantially to sustainable
economic growth, driving global
investment and supporting highwage
jobs,” he added.
Shaw said the reforms would
make Australia more competitive as
an investment destination for
clinical trials, but added that
Australia needs a “strategic coinvestment
fund of the kind that
created 1000 new jobs and
achieved an increase of $4 billion in
value-add in the 1990s.
“Unfortunately it is becoming
increasingly difficult to make global
companies in knowledge-intensive
industries view Australia as a
preferred destination for major
investment,” he said.
“That is certainly true of the
medicines industry and that is why
we need Australia needs to take a
bold and visionary approach to
investing in industry,” he added.
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