President Dr Mal Eutick said AHMADA looked forward to working with the two Ministers to meet the challenges local health manufacturers face as they establish a share in a highly competitive market for leading edge pharmaceuticals and medical devices.
“The new cabinet appointments are a definite plus for Australia’s health manufacturers as the new ministers come from other roles where they have advocated for the development of our industry,” Dr Eutick said.
“Our new Industry Minister Arthur Sinodinos, is one of the leading lights in the Government for the reform of our tax system in favour of companies who commercialise their research and manufacture newly patented products in Australia.
“‘Patent boxes’ as they are known, provide a reduced rate of corporate taxation on the profits generated from newly commercialized patents. It creates a strong incentive for the world’s strongest innovators to invest and expand their operations in Australia, and in Australia’s changing industrial landscape it’s something we can’t afford not to have.
“Our new Health Minister Greg Hunt, transfers to his new portfolio as a former Industry Minister. This has the potential to seriously change the Australia Government’s paradigm about how it views regulatory reform, particularly with respect to regulating new drugs and medical devices.
“Australia has a strong reputation for being a ‘safe’ jurisdiction, a country where efficacy, safety and quality are at the very gateway to access to our market. It is essential that we build from this reputation of safety to create new export opportunities for our products across the world. Any move toward regulatory change needs to position our local industry and our key strengths favouraly against competing interests within the health system.
”AHMADA represents a large number of innovative, Australian mid-sized companies developing and manufacturing local research and technology in the health sector.
“Having met with both of these Ministers in their previous roles, AHMADA looks to re-engage in the new year to continue to advocate and promote our policy alternatives that will boost domestic manufacturing, create the high-tech jobs of the future, make the most of our research capacity and deliver the best outcome to patients worldwide.”
