In a joint statement to Ian Macfarlane MP the organisations said Australia could up its annual biopharmaceutical R&D spending from AUS$1bn (US$931m) to AUS$2bn (US$1.9bn).
The letter also proposes increasing Australia’s biologics exports to “as much as AUS$8bn by 2024” and says the country could double its share of the global biopharmaceutical market over the next decade.
Asia will drive future growth in the market for biopharmaceuticals, said the writers, and “Australia could not be better placed to meet this demand. It is conveniently located, is home to a world-class research infrastructure and has a well-established reputation in the region for manufacturing safe, high-quality medicines and vaccines, and the associated clinical trials.”
Among their proposals, AusBiotech and Medicines Australia suggested tax incentives to encourage innovative companies to invest in R&D-based high-tech manufacturing, more public-private research partnerships, and strengthening Australia’s intellectual property (IP) system by rejecting efforts to limit patent extensions and extending the term of data exclusivity for small and large molecules.