An increasing number of countries are now outsourcing their research and development (R&D) in pharmaceuticals to other countries. Instead of focusing on in-house development, companies in the industry are making alliances with smaller companies with biomedical research capital to have access to special compounds or drugs that they would otherwise not have access to. Consequently, certain countries are capitalising on this opportunity by effectively developing in-demand drugs to export. Successful drug developments can lead to increased wealth, employment and international trade, but there are significant barriers to establishing a successful R&D industry including high costs, competition, high knowledge capital and uncertain economic benefits. Currently, New Zealand (NZ) is well-positioned to accelerate drug development; NZ has invested in research, development and science, encouraging innovation and entrepreneurship, a Western-aligned culture in the Asia-Pacific. NZ earns significant foreign revenue from the clinical trials industry. It is estimated that NZ makes over 100 million dollars a year from clinical trials.
ACC starts public consultation on levy rises
ACC has started a one-month public consultation on suggested annual levy rises of more than 7 percent for motorists and a potential 33 percent increase for motorcyclists. AA principal policy advisor Terry Collins spoke to Corin Dann. Read...