Australian investment scheme "a success"
The first year of Australia's Pharmaceutical Industry Investment Program(Marketletters passim) has been a huge success, according to the Minister for Industry, Science and Resources, Nick Minchin.
The Pharmaceutical Benefits Pricing Authority's newly- published report for 1999-2000 shows clearly that the Program is aiding the industry's development, said Senator Minchin, adding: "every dollar spent on the Program during 1999-2000 leveraged an additional A$5.50 ($2.84) in R&D and value-adding activities."
"The report illustrates the importance of the Program in creating opportunities for pharmaceutical companies that boost Australia's status as a major hub in the region," and "highlights the significance of strategic alliances between pharmaceutical firms and research institutions, and the role of the Program as a driver in investment decisions, employment and exports," he said.
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