United Kingdom FTA will help attract R&D investment into Australia
Medicines Australia welcomes Minister for Trade Tourism and Investment, Senator the Hon Simon Birmingham’s announcement that free trade agreement negotiations with the United Kingdom are to commence from 29 June.
Medicines Australia CEO Elizabeth de Somer said a trade agreement with the United Kingdom is a prime opportunity to attract investment into Australia’s research and development sector, particularly for clinical trials.
“Strengthening the ecosystem of research and development partnerships domestically and between Australia and the United Kingdom will bring new treatments to Australians and open up opportunities for the expansion of our advanced manufacturing base,” she said.
“Our support for free trade in general is fundamentally about ensuring Australians continue to access high quality, safe and cost effective medicines and that we remain competitive internationally to incentivise the presence of industry in developing and supplying medicines and vaccines in Australia.
“In acknowledgement of the strong historical and economic ties between Australia and the United Kingdom, any agreement should also eliminate tariffs, simplify customs arrangements and provide greater opportunities for skilled workers to come to Australia to support pharmaceutical innovations, which will strengthen patient health outcomes.
“These should be backed up by nationally harmonised clinical trial processes consistent with our trading partners alongside competitive research and development tax incentives that promote continued collaboration amongst the public and private sectors,” concluded Ms de Somer.
More information – Natalie Wimmer – firstname.lastname@example.org – 0450728660