AusBiotech wins grant to engage in Asia
AusBiotech was among the 27 member-based business organisations that have been awarded grants to help them expand their networks in Asia. The grants were provided under the Australian Government’s inaugural Asian Century Business Engagement plan and announced by the Hon Kelvin Thomson, Parliamentary Secretary for Trade, last Friday.
Organisations from Australia and Asia submitted 95 applications for funding under the Austrade-administered engagement plan. The four-year, $6 million program was announced last year under the government’s white paper on Australia in the Asian Century.
The AusBiotech ‘Australian Medical Devices to Asia’ project is driven by members’ industry needs. This project aims to increase partnerships and two-way information and will focus on facilitating medical devices trade with China. It will be delivered via AusMedtech (which is part of AusBiotech) - the national industry group that represents the medical technology sector. It will provide support in key areas where there is currently a deficit of tailored information on intellectual property management in respective countries, and options for business structures.
The medical device industry is ‘born global’ and the estimated 500-800 Australian companies are seeking to capitalise on the opportunities in larger markets; accessing global value chains and increasingly seeking support to enter Asian countries. Such companies are trading in knowledge, as well as tangible technologies, and require access to specialised IP information, specific to country circumstances. One of the biggest barriers to trading in Asia is knowledge of intellectual property laws. This project will partner with a legal firm with specialist knowledge in Asia to conduct capacity development work on the relative IP arrangements in China.
The other major component of this project is in regard to business structures. The types of business structures that are possible in China can both present significant issues for the new entrants, and represent a body of information that will break down the barriers to entry for many medical device companies.
The project will be a research and reporting piece, along with training workshops, which will be implemented and completed over three years.
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