R&D tax credit can make Australia more competitive
The new R&D tax incentive legislation introduced into Parliament today has the potential to make Australia a more competitive pharmaceutical R&D investment location, Medicines Australia chief executive Dr Brendan Shaw said.
Dr Shaw said the legislation provides both local and international companies with an additional incentive to invest in R&D in Australia.
“This could be a massive opportunity for the pharmaceutical and biotech industries in this country,” Dr Shaw said.
“All indications are that the new program will help bring global investment in pharmaceuticals R&D to Australia, in large part by reducing the cost of conducting eligible R&D in this country.
“The bottom line is that this new program will reduce the net cost of undertaking R&D in Australia and make us more globally competitive.
“We look forward to continue working with Government to ensure this program delivers tangible benefits to companies who bring R&D investment to Australia.”
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