R&D funding boost for Australian bio-pharmaceuticals
The biopharmaceutical industry in Australia received a boost today with the announcement of the next round of research and development funding by Industry Minister Ian Macfarlane.
"The funding under the Pharmaceuticals Partnership Program (P3) represents a further building block that will help shape bio-pharmaceuticals into Australia's biggest export business, create more jobs and double the output of Australian research," said Chief Executive of Medicines Australia, Kieran Schneemann.
"Over the next decade advances in science and medical research will be one of the key drivers for countries like Australia to achieve strong innovationbased economies."
According to AusBiotech, P3 has the capacity to stimulate research and development investment in Australia, which in turn can help realise the full potential of the local biotech sector.
"In a globally competitive market, initiatives such as P3 and the positive effects of the Australia-US Free Trade Agreement will ensure the biopharmaceutical and biotech industries in Australia maintain sustainable growth and in so doing create wealth for the nation," the Executive Director of AusBiotech Dr Anthony Coulepis said. "The biopharmaceutical industry will grow and flourish in an environment where there is support for innovation research and development provided intellectual property is protected."
Other news from the department business & finance
Get the life science industry in your inbox
From now on, don't miss a thing: Our newsletter for biotechnology, pharma and life sciences brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.
