Tag: commercialisation

Pre Budget Submission calls for greater investment in health and medical research and innovation

Research Australia’s Pre Budget submission to the Treasurer ahead of the 2024 Budget has made the case for increased investment in Australian health and medical research and innovation to support a healthier and more prosperous Australia.

The Australian Government’s investment in R&D is below the OECD average.

There is an additional $323 million approved for release from the MRFF in 2024-25 that the Government is not investing in medical research and innovation.

The Universities Accord process provides the ideal opportunity to increase the investment in the NHMRC, ARC and indirect research costs.

We have advocated for a greater role for the Australian Centre for Disease Control, for the greater use of Government procurement to support Australian innovation, and for the full development of the National HMR strategy and workforce strategy.

Read Research Australia’s submission here.

 

Research Australia responds to NRF Implementation

Research Australia believes the National Reconstruction Fund (NRF) has a vital role to play in creating a mature and vibrant domestic medical products industry as a cornerstone of a post-carbon Australian economy.

We have made four recommendations in response to the consultation on the implementation of the NRF:

    1. The Ministers should obtain the advice of a future Centre for Disease Control about medical products for which there is a critical unmet need for domestic manufacturing. This should be a consideration in how funds are subsequently allocated by the NRF, although not to the exclusion of the need to generate a return on the investment.
    2. Development of the investment mandate for the priority area of medical products should include identification of areas with the potential for profitable domestic manufacturing. This should be a consideration in how funds are subsequently allocated by the NRF, although not to the exclusion of the need to generate a return on the investment.
    3. The Australian Government should create a National Medical Products Industry Plan to accompany the introduction of the National Reconstruction Fund to make the most of all the Government’s investments throughout the health and medical research and development pipeline.
    4. The Australian Government should develop a medical products research, development and manufacturing workforce plan to determine where the gaps in existing skills are and to address them.

Research Australia’s submission addresses most of the questions posed in the consultation paper. The submission is available here. 

 

RESEARCH AUSTRALIA WELCOMES AUSTRALIA’S ECONOMIC ACCELERATOR TO SUPPORT MEDICAL RESEARCH AND INNOVATION

2 February 2022

Research Australia welcomes the announcement by Prime Minister Scott Morrison of the new $1.6b Australia’s Economic Accelerator (AEA) to enhance the commercialisation of Australia’s world-leading research and innovation.

Seamless support for research from discovery to commercialisation has been a key priority for Research Australia on behalf of its membership across the entire research pipeline, and a significant focus of Research Australia’s national consultation on a future National Health and Medical Research Strategy.

“The AEA program announced by the Prime Minister at the National Press Club is a solid step forward in addressing the well-known problem of the ‘valley of death’,” said Research Australia CEO Nadia Levin.

“Sustainable government funding like this moves us that bit closer towards developing a thriving research commercialisation and manufacturing ecosystem that benefits our health and economy,” Ms Levin said.

“At the moment we have a real issue with public funding not taking research far enough along the pipeline to make it attractive to commercial investors and/or commercial investors who are reluctant to invest in research at an earlier stage.

“Stronger connections between industry and research development along with encouraging mutually beneficial commercialisation partnerships between Australian universities, industry, and funders, can bring significant value for our innovation and export capabilities, and government plays a huge role in facilitating this,” Ms Levin said.

Research Australia also welcomes the announcement of industry PhDs and Fellowships, an initiative Research Australia has advocated for in the past. This is an important step in changing the research culture in Australia to give more researchers experience in industry.

“Our sector has long said there is a pressing need for training for university research staff in commercialisation, business development and developing research with industry and government. We’re hopeful that beyond the industry fellowships program, these issues can be addressed as part of a National Strategy for Health and Medical Research, announced by Health Minister, Greg Hunt at the Research Australia Awards in December.

“Research Australia looks forward to seeing the detail on how these programs will work and integrate with existing programs to provide effective and sustainable support across the entire pipeline of research from discovery to translation,” Ms Levin said.

Ensuring nationally coordinated, strategic investment in all stages of research has strong support from the sector under a future National Health and Medical Research Strategy.

“We are pleased to see the University Research Commercialisation Action Plan reinforce the importance of funding for basic research, however funding the full cost of research across the pipeline remains an issue.

“We will continue to advocate for increased funding across the research pipeline and the inclusion of Medical Research Institutes in the Accelerator, Industry PhD and Fellowships programs to ensure industry is able to engage more effectively with all of Australia’s publicly funded researchers,” Ms Levin said.

The issues facing funding for health and medical research are explored further by Research Australia here as part of our work on a new National Health and Medical Research Strategy. https://researchaustralia.org/health-and-medical-research-australia-can-do-better/strategic-coordination-of-funding-for-health-and-medical-research/

 

ENDS

Research Australia is the national peak body for health and medical research, representing stakeholders across the entire health and medical research pipeline. For more on Research Australia, go to: www.researchaustralia.org

 Media contact: Peta Garrett – 0400 011 394

 

Research Australia supports voluntary National IP Framework for university research commercialisation

Research Australia has welcomed the Australian Government’s proposal for a standardised Intellectual Property Framework to streamline the commercialisation of university research, but has opposed the Framework being made mandatory.

In a joint submission with Medicines Australia, MTAA and AusBiotech, Research Australia has proposed a pilot of the IP Framework to collect information about how and where it is useful, which could be used to evaluate and refine the contracts and processes. We have also called for the Department to extend the consultation process and organise a series of sector-specific workshops to allow all stakeholders to explore the potential issues of a standard IP Framework in detail.

Read the submission here.

Sector support for Patent Box

As the national peak for the whole of the health and medical research pipeline, Research Australia was pleased to convene a broad cross-section of health innovators including Medicines Australia, AusBiotech, and the BioMelbourne Network to develop a unified position on the Patent Box tax treatment. Together we have issued the following joint statement.

Joint Statement of support for an Australian Patent Box

Australia’s health innovators support the introduction of a Patent Box, and we welcome this initiative by the Australian Government. With the right policy settings, a Patent Box will ensure Australian discoveries in health are developed here, ensuring Australia captures the opportunity for new industries and jobs in health innovation. We look forward to working with Treasury to ensure the design of the patent box adequately incentivises Australian health innovators to develop and manufacture their ideas onshore.

This collective statement is made by Research Australia, Medicines Australia, AusBiotech, BioMelbourne Network and the Medical Technology Association of Australia. In short, we represent a broad cross-section of health innovators. Our combined membership conducts most health-related research and development (R&D) activities in Australia with the objective of discovering and delivering better health outcomes and an enhanced health system for Australian patients and the world. This membership includes universities, research institutes, consumers, and small, medium and large companies.

What is a Patent Box?

A Patent Box is a tax concession that provides a lower tax rate for income derived from certain forms of intellectual property (IP), typically patents. The policy goal of patent boxes is to promote R&D and the commercialisation of IP.

Key Points

  • We strongly support the introduction of a Patent Box in Australia. Many of us have advocated for the introduction of a Patent Box for several years.
  • We acknowledge the need for the design of the Patent Box to be consistent with the OECD’s Base Erosion and Profit Sharing (BEPS) Action 5 Minimum Standard.
  • The UK’s patent box provides a model for Australia which is superior in many ways to the model proposed in the Australian Treasury’s Discussion Paper.
  • The Government should establish an expert working group with industry representation to support the design and implementation of the Patent Box.

Download the joint statement here.

Research Australia will continue to work with the Government and the Treasury to support the further design and implementation of the patent box.

Research Australia’s submission in response to the Treasury consultation is available here.

A patent box tax concession for Australia

Research Australia welcomed the Government’s announcement in the May 2021 Budget that it would introduce a patent box tax concession for the medical and biotechnology sector. As part of the further development of this proposal, the Australian Treasury has issued a consultation paper, outlining the key features. Research Australia’s response addresses several major concerns with the proposal including the focus on incentivising licensing but not manufacturing, and limiting eligibility to patents granted in Australia.

We are working with our membership and other key stakeholders across the sector, and look forward to engaging further with Treasury as the development of the patent box continues.

Research Australia’s submission is available here.

University Research Commercialisation

The Australian Government is undertaking a scoping study to understand how to best implement a University Research Commercialisation Scheme to better translate and commercialise university research outputs. It has appointed an Expert Panel and issued a Discussion Paper.

Research Australia’s response to the Discussion Paper addresses the role of ‘Missions’, the use of stage-gating and the role of co-funding by Governments, universities and industry. It highlights the critical need to better align existing funding programs and fill the gaps to provide a more seamless approach to research funding from basic research through to commercialisation.

Research Australia’s submission is available here.

2021 Pre Budget submission calls for renewed investment in R&D

Research Australia’s Pre Budget submission to the Treasurer ahead of the 2021 Budget  focuses on the vital role of health and medical research and innovation in Australia’s  response to the COVID-19 pandemic, and the manufacturing and innovation opportunities that health and medical research presents for Australia’s economic recovery.

It calls for renewed investment in R&D by the Australian Government, continued support for universities and medical research institutes with meeting indirect research costs, and measures to support medical products R&D and manufacture. The case for increasing NHMRC and ARC funding is also made. Funding for Government initiatives in data sharing and preventive health are among other measures sought.

Research Australia’s submission is available here.

Congratulations Peter Wills AC, new Chair of Australia’s $500M Biomedical Translation Fund

Media Release: Wednesday 3 August 2016

The Biomedical Translation Fund is one of Australia’s best hopes to bridge the “Valley of Death” between medical research and commercialisation or clinical practice.

The Federal Minister for Industry, Innovation and Science, Greg Hunt, today announced that the founder of Research Australia, Peter Wills AC, will chair the new Biomedical Translation Fund.

“Peter Wills AC is a great choice to champion the multi-million dollar Biomedical Translation Fund,” said CEO of Research Australia, Nadia Levin.

Continue reading “Congratulations Peter Wills AC, new Chair of Australia’s $500M Biomedical Translation Fund”

Tax Incentives for early stage investors

As part of the National Innovation and Science Agenda (NISA) Treasury has undertaken a consultation on an initiative to provide tax incentives for early stage investors in innovative companies. Research Australia’s submission supports the proposal and suggests some amendments to improve its operation and reduce red tape. These include making registration for the R&D Tax incentive a qualifying condition for treating a company as an ‘innovation company’ in respect of which the tax incentive can apply, and allowing the tax incentive to be available to ‘retail’ investors. The tax incentive has the potential to increase the capital available to early stage innovative companies, including those seeking to commercialise new medicines, devices and therapies.

Tax Incentives for early stage investors