29 April 2016 - Global pharmaceutical giants are boosting revenues by unnecessarily extending patents in Aus­tralia, which is also slowing access to cheaper drugs.

The Productivity Commission has revealed, in a report released today, that patent extensions by pharmaceutical companies cost Australian taxpayers more than $250 million through an incentive that had failed to increase research­ and development.

The commission also warned of “pay for delay” practices, where big pharmaceuticals were paying generic companies to stall cheaper drug alternatives. Commissioner Karen Chester called on the corporate watchdog to invest­igate the practice.

The findings were revealed in the Productivity Commission’s draft report into intellectual property arrangements, which also called for action to rebalance Australia’s IP system.

The commission argued that the system had swung too far in favour of vocal rights holders and influential IP exporting nations.

For more details, go to: http://www.theaustralian.com.au/national-affairs/health/big-pharma-gaming-patents-for-extra-cash-productivity-commission/news-story/3ea9d3560f1f6ef105f7aaf788d7953c