Pharmacy Daily | R&D breaks through $1b

FOR the first time ever, the Australian medicines industry research and development investment has topped the $1 billion dollar mark. Revealed by the Australian Bureau of Statistics as part of its annual R&D business figures release today, the 2008-09 investment numbers were up 10% or $94 million on the previous year to a total of $1.023 billion. The release also showed that medicines R&D investment was the third largest by area of business expenditure in the country, falling just behind financial services and mining. “These latest figures confirm Australia’s reputation as a global hub for R&D excellence and send a powerful signal to policymakers that R&D is worth supporting,” said Medicines Australia chief executive, Dr Brendan Shaw. “Australia currently boasts some of the best research capability and infrastructure in the world. “That is an advantage we must capitalise on,” he added. At present the medicines industry conducts around 800 clinical trials per annum, with more than 18,000 Australian patients taking part in trials last year. Taking into account the importance of medicines R&D to the national economy, Shaw said that it was also important that Australia remain internationally competitive in order to stay at the forefront of medical research. “The competition for R&D investment from countries such as China, India and Singapore is extremely fierce,” Shaw said. “However, with the right policy settings we have a precious opportunity to grow our R&D industry and to keep innovative R&D in Australia. “That would ensure we keep more of our top research scientists engaged in Australian R&D and attract greater investment to our universities and other research institutions,” he added. In terms of legislation Shaw said that it was “extremely important” that the government both releases and implements the findings of the Clinical Trials Action Group, as well as improving the regulatory environment for trials in Australia. “We also need the R&D tax credit legislation to be passed by the Parliament at the earliest opportunity,” Shaw said. “The tax credit will make Australia more competitive because it effectively lowers the cost of conducting R&D by 10 per cent.”

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