$22 million to fast track early stage research
18 February 2019
Joint media release with the Minister for Health
The Liberal National Government is providing more than $22 million for important early stage research that will lead to new interventions, cures and treatments of major diseases.
Major diseases – like arthritis, asthma, back pain, cancer, cardiovascular disease, chronic obstructive pulmonary disease, diabetes and mental health conditions – have a severe impact on the quality of life for Australians and their families.
Minister for Health Greg Hunt said early stage research is the key first step to better diagnosis, treatment and ultimately cures.
“Through the Government’s Medical Research Future Fund we will provide $22.3 million to MTPConnect to operate the new Biomedical Translation Bridge initiative,” Minister Hunt said.
“MTPConnect will partner with BioCurate (University of Melbourne and Monash University) and UniQuest (University of Queensland), both pre-eminent organisations in the commercialisation and translation of health and medical research in Australia.
“These organisations bring decades of industry-based experience to this major research effort. Successful research projects will receive between $200,000 and $1 million over a maximum of three years. MTPConnect will also seek additional funding for these research projects from philanthropic and third party sources.”
Industry, Science and Technology Minister Karen Andrews said this funding builds on the $10 million dollars committed by the Liberal National Government last year to allow the MedTech and Pharma Growth Centre to continue its work through to 2021.
“These programs have been making headway in helping to accelerate the growth of the sector by forging stronger connections between research and industry,” Minister Andrews said.
“Boosting opportunities to translate and commercialise our scientific discoveries means more medical breakthroughs to help everyday Australians, as well as stimulating our economy and creating jobs.”
Health and medical research is vital to deliver better care and support for Australian patients, now and into the future. Our support for medical research will help give Australians access to the next generation of life saving medicines and treatments.
Our Government is able to provide unprecedented levels of support to health and medical research because of our strong economic management.
This funding is made available through our landmark Medical Research Future Fund —an endowment fund which will mature at $20 billion, providing a sustainable source of funding for vital medical research.
It is the single largest boost in health and medical research funding in Australia’s history.
For more information about the Biomedical Translation Bridge visit the departments website.
Minister Andrews' office 02 6277 7070
Minister Hunt's office 02 6277 7220