Fed: Biotech in dire need of budget rescue: industry

AAP General News (Australia)
04-25-2009
Fed: Biotech in dire need of budget rescue: industry

Australia's biotechnology industry warns that at least one fifth of local companies
could go under if the Rudd government doesn't step-in.

AusBiotech is pressuring the government to provide a 600 million dollar rescue package
for the sector .. including refundable tax credits and a competitive grants scheme ..

in the May budget.

Private investment in the sector has dried up since the global financial crisis.

AusBiotech chief executive ANNA LAVELLE says smaller .. younger biotech companies are
struggling to attract private investment.

She says the UK and the USA expect to lose 20 to 25 per cent of their biotech companies
this year .. and the same will happen here if the government doesn't step in

AAP RTV mj fdf/rt

KEYWORD: BUDGET09 BIOTECH (CANBERRA)

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