AusBiotech delegation of CEOs to Parliament House

AusBiotech, its member CEOs and directors were yesterday hosted at Parliament House for this year’s CEO Forum, which was addressed by a range of speakers on innovation policy and programs, including the Hon Greg Combet, Minister for Climate Change, Industry and Innovation.

AusBiotech’s delegation of board members visited Parliament House with 18 member CEOs and senior managers to meet with Minister Combet and receive updates on programs and speak with 16 government representatives, including senior people and Albert Goller, Board Chair, Manufacturing Precinct. The updates from the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education (DIICCSRTE), Department of Health and Ageing (DoHA) and the Therapeutic Goods Administration included:

• The Industry and Innovation Statement;
• Industry Innovation Precincts;
• R&D Tax Incentive update and discussion on quarterly credits introduction;
• Venture Australia and plans for the Innovation Investment Fund’s $350 million allocated funding (noting biotechnology has received 42% of the IIF since 1998);
• TGA reform and HTA progress;
• Review of the employee share scheme (ESS, currently underway);
• Expediting clinical trial reform.

The department representatives invited AusBiotech members to provide further feedback; specifically they are keen to hear about:

• Examples of good news stories re: the R&D Tax Incentive;
• Examples of how companies might be limited in accessing the R&D Tax Incentive;
• Companies impacted by the $20 million threshold;
• Re: IIF, comments about how the equity market can be improved for you in the next round, how well served you are by local fund managers and other sources of equity capital, and gaps in funding;
• Examples of how the ESS is impacting companies.

AusBiotech Chair Dr Deborah Rathjen said: “The fourth annual CEO Forum gave us - the Minister, the Department (of DIICCSRTE) and the industry’s leaders - once again a valuable opportunity for a productive conversation on public policy issues that impact upon and will shape the future of the biotechnology industry in Australia.”