Incentives for innovation
Incentives are needed to support the development of a viable and innovative complementary medicine (CM) industry in Australia, as recognised by the Expert Committee on Complementary Medicines in the Health System and the Expert Panel in the Review of Medicines and Medical Devices.
In recognition that ‘data protection’ and ‘market exclusivity’ are not mutually exclusive, and that data protection encourages research to support quality, safety, efficacy and cost effectiveness and the development of new products, NICM submitted in June 2018 a proposal on incentives for innovation focusing on data protection to the Therapeutic Goods Administration (TGA).
