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.
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.
