R&D Tax Credit starts tomorrow, medical market expects boost

The government’s R&D Tax Credit will officially start tomorrow (1 July 2011), providing much-needed funding to Australian manufacturers showing innovation.

One company, Brisbane-based medical device supplier Cook Medical Australia, welcomes the Credit, claiming it will raise R&D levels and make our industry more globally-competitive.

“The new Tax Credit will reduce the cost of eligible R&D by 10 percent and make Australia more internationally competitive for investment in both fundamental research and new product research and development,” said Cook Medical managing director, Barry Thomas.

Cook Medical Australia is working on delivering a new generation of aortic stents and advances in IVF. The grant will provide a boost to companies like Cook.

“For a company such as ours, focused on highly advanced medical devices, innovation is inextricably linked to growth and driving better health outcomes. The new legislation will assist in leveling the global playing field, ensuring Australia remains engaged in research and development, and importantly, at the forefront of innovation,” said Thomas.

“The new legislation will also provide the Australian medical device industry with the stability needed to make decisions regarding future R&D investment, supporting the retention of world class scientists and engineers. We are however cautiously optimistic given there is still some uncertainty around the kinds of research projects that will be eligible under the proposed legislation.”

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Image from Qmed.com



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