The Future of Life Sciences

16 Nov 2020

The Future of Life Sciences: Analysing the Budget and looking beyond

Innovation will be a driving force for growth and recovery from recession. The life sciences sector attracts $1.5b in R&D investment each year. This year’s budget sees the Government investing $2b in R&D Tax Incentives, removing the cap on refunds, lifting the rate and rewarding those businesses that invest the most. Additionally, the Government announced $460m for the Commonwealth Scientific and Industrial Research Organisation.

Watch the webinar on-demand, where we will discuss outcomes from the budget and the future of the sector, including the R&D tax incentive, increasing the manufacturing capability in Australia, the risk of a capital shortfall, funding for universities and regulation of the sector.

Michael Cunningham, Partner & National Head of Life Sciences is joined by Lorraine Chiroiu, CEO of AusBiotech, and Sukvinder Heyer, Partner - Innovation Incentives, Grant Thornton Australia.

Watch on-demand

_{Grant Thornton Australia collects your personal information so we can send you communications including invitations to future events, industry insights and other relevant communications. You can opt-out of receiving these communications at any time via our preference centre. Privacy Policy.}

Looking back to look forward

The Life Sciences sector has never been more important or more in the public eye. Medical manufacturing is a priority industry of the modern manufacturing initiative. We saw the proposed changes to the R&D incentive rolled back and an additional $2b of investment injected into the R&D Tax Incentive scheme. Investor appetite for medical devices and pharmaceuticals – always strong – is now even higher off the back of COVID. Now is a great time to gauge the market and talk to potential investors. The market is fickle but at the moment investors are attentive, they're open, and they're listening.

Read our 10 year report

Podcast A solid budget, but a reckoning is coming on international In this podcast, we’re joined by Phil Coorey, Political Editor at the Australian Financial Review, and Vince Tropiano, Corporate Tax Partner in our Sydney office to talk about last week’s Federal Budget. Read full article

Australia Reimagined Federal Budget 2021-22 The current economic conditions make this Federal Budget all the more interesting. New skills, new partnerships, new industries. More tech, more local capability, more incentives to commercialise and participate in global supply chains. Read full article

Insight The success of modern manufacturing lies in value-adding, I Every country wants to export – it’s part and parcel of developing prosperity. And it’s part and parcel of Australia’s economy. To be successful, we need to have a diverse range of trade partnerships and to focus on value-adding manufacturing and retaining IP here in Australia. Read full article

Federal Budget 2021-22 Doubling the value of F&B manufacturing Doubling the value of food & beverage manufacturing in Australia by 2030 is absolutely achievable. We have a number of advantages that make this possible. Read full article

Federal Budget 2021-22 The critical point for Australia’s energy future Energy is critical to achieve our vision for modern manufacturing and a future digital economy. Both will be energy intensive. At the same time, Australia aims to achieve net zero emissions by 2050. We are reaching a critical point where a solution to affordable, sustainable and clean energy generation must be found or all the best laid plans will come to nought. What’s in the Federal Budget 2021-22 for the sector? Read full article

Federal Budget 2021-22 Technology to underpin it all The 2021-2022 Federal Budget reveals a digital pathway forward for Australia’s future economy. Businesses, manufacturing, governance and government is all underpinned by technology. The Digital Economy Strategy lays out what’s next. Read full article

Federal Budget 2021-22 A path forward for Health & Aged Care, but not without some The 2021-2022 Federal Budget provided additional funding for the Health & Aged sector, however there are longer term issues that are yet to be fully resolved. So what’s on offer, and what do we need going forward to ensure quality and safe care for all Australians. Read full article

Federal Budget 2021-22 The legacy of COVID will be a stronger life sciences sector The 2021-2022 Federal Budget highlights new opportunities for the life sciences sector in Australia. Already a great place or research and development, it’s time we ramp up domestic commercialisation and manufacturing to better support and tap into international markets. Read full article

Federal Budget 2021-22 A smart resource nation The resources sector is an Australian workhorse. Past booms have propelled the country forward into prosperity. It’s provided a buffer during downturns. It has cushioned the COVID blow on our national accounts. And it has a vital role to play in Australia’s economic future as part of the evolving demand for global resources. What’s in the Federal Budget 2021-22 for the sector? Read full article

Insight Employee Share Schemes – Removing a contentious taxing poin The proposed changes to both the tax treatment and regulatory framework of employee share schemes (‘ESS’) in Australia should be welcomed by employers and employees with tax–deferred ESS Plans. Read full article