R&D tax credit gets support
June 16, 2011
AUSTRALIA will become more
competitive on the international
stage as a destination for
research investment, if the
Government with the backing of
the Greens manages safe
passage for the new Research
and Development tax credit Bill
through Senate, according to
peak pharma industry group
Medicines Australia.
The Government’s tax credit
garnered the support of the
Australian Greens yesterday,
and according to Medicines
Australia could reduce the cost
of eligible R&D by 10%.
“R&D sustains Australia’s $18
billion medicines industry and
provides thousands of jobs,”
said Medicines Australia’s
acting ceo Andrew Bruce.
“This legislation is a big step
in the right direction to ensure
Australia remains competitive
in the face of strong overseas
competition,” he added.
As an added bonus, Bruce
said the legislation was likely
to keep Australia’s own top
researchers and scientists
engaged in Australian R&D, and
would attract greater investment
in Aussie universities and
other research institutions.
Last year, without the tax
credit, the Australian
medicines industry attracted
more than a billion dollars in
R&D investment, whilst around
18,000 Australian citizens
participated in clinical trials.
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