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New A$206m patent box to boost biotech and medtech innovation


Austrade
The Australian Government is introducing a patent box to encourage investment in Australia’s biotechnology and medical technology sectors.
The patent box was announced in the Australian Government’s Budget 2021–22, which details its economic plan for Australia.
What is the patent box?
The A$206 million patent box scheme will reduce taxes on income from innovative research. Its aim is to encourage businesses to undertake their R&D in Australia, keep patents here and manufacture patented technologies onshore.
The patent box will help bridge the gap to commercialisation, and support businesses to keep the development of their IP and the value they create. ....

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