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Information provided by Phillips Ormonde Fitzpatrick
The Federal government will launch a patent box scheme targeted at the medical and biotechnology sector. The scheme, to apply from 1 July 2022, is aimed to further encourage the commercialisation of medical and biotechnology innovations in Australia.
Under the patent box, income derived from eligible patents will be taxed at a concessional rate of 17%, a reduction of 8% for SMEs and 13% for large businesses. At this stage, the scheme will apply to income derived from Australian-owned and developed medical and biotechnology patents applied for after 11 May 2021.
The aim of the patent box is to encourage businesses to retain or locate the development, manufacture and exploitation of patents to their innovations in Australia.
Patent box schemes are already in place in many European countries and the innovation sector has advocated for a similar scheme in Australia for many years on the basis that it is vital to attract companies to invest and maintain that investment in Australia. The government has indicated that it will follow the OECD’s guidelines on patent boxes to ensure it meets internationally accepted standards.
A consultation process with industry will occur prior to the July 2022 launch. Initial submissions to the Discussion Paper on Policy Design closed on 16 August 2021.Therefore, precise details of the scheme will not be known until submissions have been considered. For the patent box to be of value, key considerations must take into account the definition of an eligible patent, the definition of a medical or biotechnology patent, whether costs associated with conducting R&D and various clinical trials outside of Australia apply, and whether patents held by companies located elsewhere, but where an Australian based company has an exclusive licence to exploit the patent, can access the scheme.
We will keep you updated on developments as details become known.
Scott Whitmore PhD
Principal
Phillips Ormonde Fitzpatrick
08 8224 9901
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AusBiotech 2021 offers an engaging week of exciting speakers and sessions as we unite to celebrate and champion our sector.
Join our thriving Australian and global biotechnology network throughout AusBiotech 2021 week:
- A week of live and interactive online programming, accessible on-demand for a further 30 days
- International and national keynote speakers
- Expert panel discussions
- The AusBiotech and Johnson & Johnson Innovation Industry Excellence Awards 2021
- A full day of face-to-face sessions held at the Melbourne Convention Centre, streamed live to our on-line audience, Tuesday 26 October, followed by a networking function
- A week of virtual AusPartnering, AusBiotech's business matching programme
- Early-Stage Investment Forum
- Opportunity to connect with industry through our BioIndustry Company Profile platform.
Date: 25 – 29 October 2021
Through a series of three online seminars and a PPE network, a panel of experts from the Australia-ASEAN region will share technical knowledge and experiences related to face mask and gown testing and manufacturing with universities and industry.
It is expected that participants will be from universities, manufacturers, health and scientific organisations interested in face masks, surgical gowns and PPE manufacturing more generally. This project will initiate dialogue between Australian and ASEAN researchers and industry through the sharing of knowledge in the symposia and the subsequent networking linkages.
Please register via Flinders Events
30th March 2021
Seminar 1 - COVID-19 PPE testing & meeting national and international standards
25th May 2021
Seminar 2 – PPE manufacturing
24th August 2021 (rescheduled date)
Seminar 3 – PPE fitting and community/health professional education
Sorry you missed these events. Keep checking the MDPP website event page for future events.
The 'ASEAN Virtual Seminar Series: Personal Protective Equipment for COVID-19' is supported by the Australian Government through the Australia-ASEAN Council of the Department of Foreign Affairs and Trade.
MedTech Mondays are your chance to get advice from medtech industry experts, brought to you by the Medical Device Partnering Program
In the next instalment of our 2021 MedTech Mondays seminar series, we present a brief introduction to MDPP and the Ideas Incubator.
This will be followed by a panel session with guest experts in the MedTech industry, giving you an opportunity to ask questions related to manufacturing medical devices.
This online event will be held on:
Monday 5th July, 2021
12.30pm - 1.30pm ACDT
Register via Eventbrite
MedTech Mondays are your chance to get advice from medtech industry experts, brought to you by the Medical Device Partnering Program
In the next instalment of our 2021 MedTech Mondays seminar series, we present a brief introduction to MDPP and the Ideas Incubator.
This will be followed by a Q&A Session – What is important when launching a medtech startup?
Guest presenters are:
- Michelle Kleynhans (MedTech Actuator)
- Dharmica Mistry (Cicada Innovations)
- Intan Oldakowska (Perth Biodesign)
This online event will be held on:
Monday April 12, 2021
12.30pm - 1.30pm ACDT
Register via Eventbrite
The Australia-China Centre for Personal Health Technologies is a collaborative research Centre led by Flinders University in Australia and Nankai University in China.
The symposium showcases leading experts in the Personal Health Technologies arena from China and Australia.
Presentations include:
- AIE-Related Biosensing, Diagnosis and Therapy, Professor Guangxue Feng, South China University of Technology
- Retina Vessel Detection Based on Geodesic Model, Dr Li Liu, Shandong Artificial Intelligence Institute
- Preparation and Biomedical Applications of Novel Molecular Imaging Probes, Professor Dan Ding, Nankai University
- Dialysis Units in Remote Australia, Dr Michael Smith, Purple House
- Novel AIE Sensors for Detecting Protein Biomarkers for Disease Diagnosis and Monitoring, Dr Bicheng Yao, La Trobe University
- Point-of-care biochip for contiguous monitoring of cytokines, Professor Guozhen Liu, School of Life and Health Sciences, The Chinese University of Hong Kong
Weblink/s for further information:
https://www.flinders.edu.au/medical-device-research-institute/australia-china-joint-research-centre-personal-health-technologies
Sorry you missed this event. Keep checking the MDPP website event page for future events.
MedTech Mondays are your chance to get advice from medtech industry experts, brought to you by the Medical Device Partnering Program
In the next instalment of our 2021 MedTech Mondays seminar series, we address the major issue that all medtech companies come up against - quality assurance and regulatory affairs.
This online event will be held on:
Monday 1st March 2021
12.30pm - 1.30pm ACDT
Sorry you missed the live event but you can watch the recording via You Tube.
