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Published 29 November 2012 05:16, Updated 28 January 2013 10:10
As well as calling for greater government support for the commercialisation of biotechnology ventures, as opposed to just research and development, Ausbiotech chief executive Anna Lavelle reckons the government should investigate taxation regimes in the US and England that benefit “patient investors” in innovative companies. That is, an investor that invests over a longer period of time gets preferential tax treatment. Lavelle says the R&D tax incentive has been beneficial to the sector. Evidence of this was shown by listed biotechnology company Biota, which got a $4.2 million tax rebate in 2011-12.
“We estimate it will bring about $200 million into the sector at least,” she says.
“Earlier stage companies are getting hundreds of thousands [of dollars] back . . . That’s all good news . . . and we don’t want that [tax incentive] to be messed with.”