Patent box legislation to promote Australian innovation
11 February 2022: 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 CEO, Elizabeth de Somer, said that incentivising the commercialisation of innovative medical and biotechnology products in Australia through the patent box is an important first step in supporting home-grown innovation.
“This legislation is a welcome first step, and we will continue to encourage stronger and bolder incentives to promote and protect Australian innovation,” Ms de Somer said.
“The proposed design of the patent box, tabled in Parliament yesterday, could go further to attract multinational biopharmaceutical companies to invest in developing or manufacturing medicines and vaccines onshore.
“Australia still faces significant barriers, such as a smaller population and remote geographical location to other jurisdictions. We look forward to a continuing constructive partnership with the Government to increase the competitiveness of the patent box.
“Medicines Australia will be engaging with the Government on implementing this legislation and to introduce improvements, as appropriate.”
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