Protect IP and introduce market exclusivity to boost nutrition R&D in Australia, says CMA
CEO Carl Gibson said this would help companies recoup some of their R&D spend – and that in turn would help stimulate the sector and help research become reality.
Gibson believes that Australia’s poor ability to convert research discoveries into new products and services is limiting the potential economic benefit for the economy, and hampering efforts to improve the health of millions of Australians.
The trade organisation was responding to a review on the R&D Tax Incentive, which is trying to better understand why Australia has poor levels of innovation.
The review forms part of Australia’s Innovation and Science Agenda, established by PM Malcom Turnbull.
Gibson said that if the R&D Tax Review recommendations are implemented, it would create significant economic benefits: “Greater research into complementary medicines improves our understanding of disease prevention, leading to healthier Australians.”
“With well-educated consumers, and strong competition within our industry, Australians can expect more effective and cutting edge products that contribute to improving their health.”
“Australia has the know-how, as we are home to two of the world’s 5-star complementary medicine research institutions, who are crucial in driving research and development in preventive health. But what we lack is the ability to translate that research into products and services.”