According to The Australian Financial Review, big US pharmaceuticals companies such as Johnson & Johnson, Pfizer, Merck, AbbVie and Eli Lilly want to invest more in Australia as a result of the Turnbull government's efforts to stimulate the medical tech and biotech sectors, Health Minister Greg Hunt has said.
Mr Hunt said the increased interest was the result of the government's cumulative efforts over several years to turn more of Australia's world-leading medical and pharmaceuticals research into commercial products, starting with the establishment of the $20 billion Medical Research Future fund in the 2014 budget.
The 2018-19 budget's change to the research and development tax incentive to reward greater R&D "intensity" – spend as a share of sales – and carve out clinical trials from new payment caps had added to Big Pharma's interest, as had the $1.3 billion medical industry growth plan which included $248 million to expand clinical trials.
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