​Deregulation in competitiveness agenda welcomed by medical device, chemical industries

The federal government’s Industry Innovation and Competitiveness Agenda
has included an initiative to remove red tape around product approvals.

Under the initiative announced yesterday, the government will accept “products, systems and
services” approved in other countries possessing a “trusted international
standard”.

Josh Frydenberg, parliamentary secretary to the prime minister, writes in today’s Australian Financial Review that the reform will be a “game changer”
for manufacturers and others, will be felt in “every corner of the economy” and
will aid companies looking to export new products.

Chris Roberts, CEO of bionic ear maker Cochlear, enthusiastically
welcomed the news, which would enable his company and other medical device
manufacturers to use EU certification locally.

Previously, Cochlear has had to have products tested and approved by
the Australian Therapeutic Goods Administration before export. This caused a
delay of 14 months in one case.

“One
of our key competitors is a European company,” Roberts told The Australian,
describing the deregulation as a “big win”.

“The
fact that we were trying to duplicate some of these regulations in Australia
made no sense.”

The
Plastics and Chemicals Industry Association also welcomed the news.

“Reducing the regulatory complexity for this key industry
will be a boost to Australia’s reputation as an attractive market for
investment and innovation in chemistry, and improve our readiness to take
advantage of emerging markets in Asia,” CEO Samantha Read said in a statement.

Frydenberg
said that the principle was endorsed by state and territory government at last
week’s COAG meeting. Ministers will be writing to regulatory bodies relevant to
their portfolios about implementing the changes.

Image: http://bateschemical.com/