Tax changes could hamper new medicines

The pharmaceutical industry has warned development of new medicines and vaccines in Australia could suffer if tax policies are changed.

In a submission to the Senate inquiry into corporate tax avoidance, Medicines Australia warns unilateral action on tax policy would pose significant risks to the viability of the industry in Australia.

More than 12,000 new medicines and vaccines are currently in development around the world and Australia will fail to attract investment away from other countries if it's not a competitive place to perform research, the submission says.