Australian R&D Cashback & Early Development Activities
in collaboration with…
Scendea Authors:
Penny Field - Technical Head (AUS) & Principal Consultant
Leanne West - Principal Consultant
Dr Babaji Yadav - Principal Consultant
Deloitte Authors:
Larissa Hursthouse - Director | Global Investment and Innovation Incentives (Gi³)
Simon Bowles - Manager | Global Investment and Innovation Incentives (Gi3)
Australia is a key player in International Drug Development due to the support of four key stakeholders.
The Australian Federal Government, via the support of a competitive R&D Tax Incentive (RDTI) regime for business investment in local eligible research activities.
A National Mutal Acceptance (NMA) system for ethics approval which simplifies the ethical and scientific review of human research to reduce timelines and cost.
An internationally recognised healthcare system with medical key opinion leaders who are well versed in Good Clinical Practice (GCP) guidelines and academically motivated to offer new therapies to their patients.
A pragmatic Regulatory Agency – the Therapeutics Goods Administration (TGA) which offers two straight forward clinical research schemes which provides momentum and speed to start early phase clinical research in Australia.
Australia’s R&D Regime Attracting Domestic and Foreign Biotechnology Investment.
With demand for improved healthcare increasing globally, Australia is continuing to emerge as an attractive destination for the development of new and improved drugs and medical devices, driven by excellent research capabilities, a favourable Therapeutic Goods Administration (TGA) regime and an attractive Research and Development Tax Incentive (RDTI) regime.
Now more than a decade old, the Australian RDTI regime is proving that it can provide life science and biotechnology companies with much-needed non-dilutive funding to assist with progressing their ongoing R&D programs. It is estimated that between 2016 and 2021 the RDTI program attracted an additional AUD 7 billion of domestic and foreign investment in Australia’s biotechnology sector.