P3 round two funding up for grabs

Research and development funding is up for grabs once more under round two of the federal government’s $150 million Pharmaceuticals Partnerships Program – known as P3 – which opened for applications today.

The P3 money is available on a competitive basis to any company with a track record of undertaking drug R&D activity in Australia, including biotechnology, originator and generic medicines companies. Under the scheme, companies receive thirty cents for each additional dollar they spend on eligible R&D in Australia up to a maximum grant amount of $10 million.

"The primary objective of P3 is to increase the amount of high-quality pharmaceutical research and development activity in Australia's biotechnology and pharmaceutical companies," said federal industry minister Ian Macfarlane.

In April, the federal government distributed 60 per cent of the funding for the P3 Program, giving 11 pharmaceutical and biotech companies a cash boost to fund drug development.

Five New South Wales companies and six Victorian companies received grants of between $10 million and $4.2 million.

Applications for the round two of P3 close on 24 November 2004.