Fund to bridge biomedical research to market gaps
Joint media release with The Hon Sussan Ley MP, Minister for Health and Minister for Sport.
The Australian Government’s $250 million Biomedical Translation Fund will bridge the gap between research and commercialisation of new Australian biomedical discoveries.
The fund, a major initiative under the Government’s National Innovation and Science Agenda, will support researchers through the often complex and expensive early commercialisation stages.
“This fund will provide a huge impetus to ensure that the creative and excellent research work by Australia’s biomedical sector is retained in Australia to benefit Australians and our economy,” Minister for Industry, Innovation and Science, Christopher Pyne said.
“Too often researchers find raising funds for the early stages of commercialisation too hard and take their innovations overseas.
“This fund will remove the bottleneck between getting research out of the laboratory and into the market place.”
Minister for Health Sussan Ley said the fund was based on a recommendation of the Strategic Review of Health and Medical Research.
“The fund is an investment in ensuring our biomedical research sector is able to translate its innovative work into better treatments, better drugs, better devices and better outcomes for Australian patients,” Ms Ley said.
“It is an investment that will pay enormous dividends, not just for patients but also economically by supporting a viable biomedical research and production sector.
“It will significantly boost the capital available for commercialising our research.”
Mr Pyne said the Biomedical Translation Fund would contribute to the success of the newly-launched, industry-led Medical Technologies and Pharmaceuticals Growth Centre, headquartered at the University of Sydney’s Institute of Biomedical Engineering and Technology.
“The Medical Technologies and Pharmaceuticals Growth Centre will create a national footprint through additional ‘nodes’ situated within key universities across Australia,” Mr Pyne said.
“The Growth Centre will be important to better connecting Australia’s world class researchers and businesses working to develop medical technologies and pharmaceutical goods.
“The National Innovation and Science Agenda will create an ideas boom particularly in our strong science sector by better connecting our researchers and businesses.
“Collaboration boosts commercialisation and investment, and sets the nation on a path to a more innovative and entrepreneurial economy.”
Information on the National Innovation and Science Agenda is available at http://www.innovation.gov.au/
More information about the Medical Technologies and Pharmaceuticals Growth Centre, and the broader Industry Growth Centres initiative, is at www.business.gov.au/industrygrowthcentres