MTAA Welcomes Patent Box Legislation
MTAA has welcomed the introduction of the Government’s Patent Box Bill into the House of Representatives this week, which aims to spur on local medical technology innovation and investment into the future.
The Patent Box was first proposed and championed by MTAA in 2015, and since then has been supported by a growing number of stakeholders across the MedTech industry and wider health sector.
MTAA CEO, Ian Burgess, said the introduction of the Patent Box legislation was the first step in helping create a more globally competitive market in Australia that stacks up against similar and competing jurisdictions.
“While the introduction of the Bill is the result of years of hard work by MTAA, together with other health sector stakeholders, there is still more work to be done to ensure the design of the Patent Box is fit-for-purpose, and achieves its objectives,” Mr Burgess said.
“MTAA looks forward to working with the Government, through the formation of a permanent working group to support the Government’s objectives and processes to implement and refine the Patent Box scheme.”
MTAA has proposed the future permanent working group include the following stakeholders: MTAA, Research Australia, Medicines Australia, AusBiotech, Department of Industry, Science, Energy and Resources, the Export Council of Australia, and representatives from the Supply Chain Initiative and Modern Manufacturing Initiative.
