Pharmaceutical companies will have greater incentives
to develop cheap generic drugs in Australia under laws passed by
federal parliament.
Both major parties in the Senate have supported
changes to intellectual property laws designed to make Australia's
pharmaceutical industry more competitive internationally, and prevent
drug manufacturers from moving offshore.
The Intellectual Property Laws Amendment Bill changes
patent and trademark laws and makes it easier to revoke incorrectly
registered trademarks.
The new laws allow Australian companies to more
readily engage in "springboarding" - using the subject
matter of an existing patent to help obtain approval for new generic
versions of patented drugs.
Until now, springboarding had only been possible
after a patent had its term extended.
Liberal senator Grant Chapman said the changes
would bring major benefits to the generic drugs industry.
"This important amendment will provide many
benefits to Australia through a more internationally competitive
pharmaceutical industry and an increased self-sufficiency of Australia's
medicines industry," he said.
"This legislation is necessary to ensure that
these companies don't withdraw their operations from Australia."
