Govt announces $10m in funding to support medical R&D
Federal Health Minister Greg Hunt announced the Australian Government is injecting $10 million in funding to support eleven new medical projects, which is set to improve the lives of Australian patients and provide new options to help solve emerging health challenges.
According to a media statement released last week, the projects include:
- The “BioPen”, which is a handheld 3D printer that can be used in surgery to repair damaged cartilage
- The world’s first rapid diagnostic test for the rapid diagnostic for the pathogens that causes the deadly sepsis illness, where a diagnosis can be made in about 35 minutes
- A fully synthetic 3D printed spinal cage
- Microwearables to detect infectious diseases such as malaria and dengue
- A genome profiling platform to enable precision cancer medicine.
This investment also represents the first funding from the Government’s $35 million BioMedTech Horizons program. According to Hunt, the financial support through the BioMedTech Horizons program is an excellent example of the Government’s commitment to invest in projects that seek to turn research into reality.
“Australia is home to the best and brightest medical talent anywhere in the world and we are backing them to help improves the lives of Australian patients,” Hunt stated. “Today’s announcement represents the opening of a new avenue for Australia’s world-class researchers to apply their work in the real world — one in which they take their discoveries out of academia and into the clinic.”
The program is being delivered through a collaboration with MPT Connect, the Australian Government’s Medical Technology and Pharmaceutical Industry Growth Centre and the Medical Technologies Association of Australia.
“The Turnbull Government understands the medtech, biotech and pharmaceutical sector offers endless opportunities, not only for patients but for the economy,” Hunt added. “Today’s announcement is part of a drive to accelerate Australia’s competitive advantage as a global health industry leader in medical technology (medtech), biotechnology (biotech) and pharmaceuticals.
“Through the Medical Research Future Fund (MRFF), we are providing a sustainable and long-term source of additional money for critical research.”
In 2017, the Federal Government committed over $6 billion over five years for health and medical research through the National Health and Medical Research Council, the MRFF and the Biomedical Translation Fund.
“The Turnbull Government is proud to make this investment because we understand the link between research and positive patient outcomes,” Hunt said. “It’s about giving Australians in need hope and creating the opportunity to have a better, healthier and longer life.”