Australia is the lucky country when it comes to sourcing grants for biotech research and development, in particular in the life sciences area, says Osprey Medical CEO Mike McCormick.
McCormick has praised the Australian government’s grant program for life sciences in his lobbying efforts in the United States in an effort to encourage similar types of investment by the US government.
Through US lobbying body AdvaMed, McCormick has used Australia as an example of a global benchmark in medical technology funding.
US-based Osprey came to Australia and partnered with the Baker IDI Heart and Diabetes Institute in Melbourne to develop its core technology. The company subsequently listed on the ASX.
“Australia is pro life sciences and that’s why we will continue to move our research and development spending here,” McCormick says.
Osprey has benefited both from a Victorian government grant as well as the federal R&D tax credit scheme.
Most recently, in July 2012, Osprey Medical received approval for a $1.1 million grant from the Victorian government for a two year “first-in-man” clinical study on its percutaneous limb perfusion technology.
The favourable treatment Australian biotech enjoys is likely to continue under Labor’s federal budget.
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