AUSTRALIA'S medical manufacturing industry is leading a call for tax reform to encourage companies to patent ideas and make products locally.
Director of medical devices maker Cook Medical Barry Thomas says tax rewards rather than grants will boost Australian manufacturing.
He says the current system of grants - including those awarded to the car industry - is not the best method.
Mr Thomas says a company should be able to claim back company tax allowances on sales if it takes an idea, licenses or patents it and manufactures it in Australia.
"We're calling for a hand-up rather than a handout," he told AAP on Sunday.
"So instead of grants, we're suggesting two per cent from product sales is deducted from your tax.
"It's really a reward for performance rather than a tax break."
He said the numbers have been crunched and a two per cent tax reduction from the bottom line would result in significant savings.
His proposal has the support of national medical manufacturing industry group AusBiotech.
AusBiotech acting CEO Glenn Cross and Mr Thomas met with senior bureaucrats of the new Abbott government last week to discuss the reforms.
Mr Cross told AAP the government was very receptive to their suggestions, including reducing regulations to help get products on the market more quickly.
"We want to transform the Australian economy and transform it into high value manufacturing," he said.
"It's not just about the biotech industry, it's all manufacturing."
Mr Thomas will take part in a panel discussion about manufacturing trends at the annual AusBiotech Conference in Brisbane.
More than 1000 stakeholders from across the Asia Pacific region, the USA and Europe will take part in the two-day conference from October 31.
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