Australia’s Biotechnology and Life Sciences sector needs urgent support on innovation if it wants to remain a corner stone for an economy operating in a post mining boom environment.

“Enduring unfavourable tax reforms in last year’s Federal budget, there was but a glimmer of hope for supporting innovation through the Government’s commitment to the $20 billion Medical Research Future Fund. A year later, grid lock in the senate has left us wondering how this initiative will be funded, leaving the industry to go cap in hand when it comes to support for innovation.

“We’re looking for improvements on commercialisation incentives and grants to fund the sector’s innovation ahead of next week’s Federal Budget announcement.

“Supporting innovation in the sector will lead to the creation of jobs and valuable intellectual property in Australia over the coming years.

“The sector’s is an integral part of our economy post mining boom and needs support to reach its full potential.

“Innovation is supported globally, let’s not risk seeing our ideas commercialised in other parts of the world for the global economy to enjoy at our expense,” said Michael Cunningham, National Head of Life Sciences, Grant Thornton Australia.

Helina Lilley - National Public Relations Manager, +61 2 8297 2421 M  0437 725 520 E helina.lilley@au.gt.com