Business Daily Media

The Times Real Estate

.

Novotech says Federal Budget R&D Tax Support Keeps Australia Globally Competitive for Quality Clinical Trials

  • Written by ACN Newswire
SYDNEY, AUS, May 18, 2018 - (ACN Newswire) - Leading Asia Pacific CRO Novotech commended the Turnbull Government's Federal Budget decision to exclude clinical trials activity from a A$4m cap on cash refunds, or any lifetime cap on refunds.

Novotech CEO Dr John Moller said the move reaffirms Australian's lead position in attracting foreign investment for drug development and sends a message to the international biopharma community that Australia is the place to conduct research.

"The clinical trial sector not only delivers around A$1billion to the Australian economy annually, it also supports the Australian biopharma industry growth and expertise for the development of new life-changing therapies for both the Australian and world markets.

Novotech is an Asia-Pacific specialist contract research organization (CRO) established in 1996, headquartered in Australia with offices in eleven countries throughout the region.

See the latest data on Australian and also Asia clinical trials here: www.novotech-cro.com/resources[1].

"More than A$650 million in clinical trial investment each year comes from overseas biopharma companies wanting fast yet high-quality research. According to our clients, the R&D Tax Incentive is a significant factor in their decision to invest in Australian research," said Dr Moller.

He said the Government announced in the budget that it is excluding R&D tax offsets for clinical trials from the $4 million cap on cash refunds, "recognising the critical role of R&D expenditure on clinical trials in developing life changing drugs and devices."

According to the Budget announcement the Government will also:

" ... introduce a new research and development premium for companies with aggregated annual turnover of $20 million or more, which provides higher rates of R&D support for higher R&D intensity (that is, the proportion of R&D expenditure over total annual expenditure).

The research and development premium will provide multiple rates of non-refundable R&D tax offsets, increasing with the intensity of the claimant's incremental R&D expenditure.

The ... reforms will support and reward higher, more intensive, additional R&D investment."

About Novotech - www.novotech-cro.com[2] Headquartered in Sydney, Novotech is internationally recognised as the leading regional full-service contract research organisation (CRO). With a focus on clinical monitoring, Novotech has been instrumental in the success of hundreds of Phase I - IV clinical trials in the Asia Pacific region.

Novotech provides clinical development services across all clinical trial phases and therapeutic areas including: feasibility assessments; ethics committee and regulatory submissions, data management, statistical analysis, medical monitoring, safety services, central lab services, report write-up to ICH requirements, project and vendor management.

Novotech's strong Asia Pacific presence includes running clinical trials in all key regional markets. Novotech also has worldwide reach through the company's network of strategic partners. For RFP enquiries: Please fill out the form available at www.novotech-cro.com/contact-us-0[3].

Media Contact[email protected]Susan Fitzpatrick-Napier AU +61 2 8218 2144 USA +1 650 798 5238[4]

Topic: Press release summarySectors: HealthCare[5] http://www.acnnewswire.com From the Asia Corporate News Network

Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

References

  1. ^ www.novotech-cro.com/resources (www.novotech-cro.com)
  2. ^ www.novotech-cro.com (www.novotech-cro.com)
  3. ^ www.novotech-cro.com/contact-us-0 (www.novotech-cro.com)
  4. ^ [email protected] (www.acnnewswire.com)
  5. ^ HealthCare (www.acnnewswire.com)

Read more http://www.acnnewswire.com/press-release/english/43498/

Incode joins Australia’s Age Assurance Technology Trial to protect children online

With a market-leading +99% accuracy rate, Incode will play a key role in safeguarding Aussie minors on social media Incode Technologies Inc., a...

Empowering small businesses: Localsearch rolls out affordable digital solutions

New suite of digital solutions designed to boost visibility, engagement, and customer acquisition In response to a rapidly evolving digital lan...

Why Responsible Leadership is a Competitive Advantage for Small Businesses

In today’s fast-changing business landscape, leadership is evolving. While large corporations are reassessing their diversity, equity, and inclusi...

Why it’s a great time to include the EU in your export push

With the US market beset with unknowns, training your sights on mainland Europe in 2025 makes sound sense. Wondering whether the introduction o...

Success Isn’t About Labels—It’s About Mindset

In the lead up to International Women’s Day, I’ve been reflecting on my own success as a business owner and whether or not being a woman has playe...

Accelerate Action- Thryv champions women in business for International Women’s Day

Thryv® (NASDAQ: THRY), provider of the leading small business software platform, is celebrating International Women’s Day by shining a spotlight o...

Sell by LayBy