The two Bills related to the proposed establishment of the $20 billion Medical Research Future Fund (MRFF) have been referred to the Senate’s Community Affairs Legislation Committee for a swift inquiry, with comment invited by 10 July.
The Senate committee is due to report back to the Senate on 10 August.
Once fully established, the MRFF is expected to add around $1 billion per year to existing Government spend for health and medical research and innovation.
During debate on the Bill, the Opposition expressed concern over the proposed administration of MRFF disbursements, and the lack of any formal independent mechanism or peer-reviewed oversight of the distributions of funds.
The Government responded by tabling ‘consequential amendments’ to the Bill, which included the creation of an Australian Medical Research Advisory Board, comprising eight appointees including the CEO of the NHMRC.
The Advisory Board will be responsible for developing a five-year Medical Research and Innovation Strategy and related Priorities, which will be updated every two years. The Minister will consider the Strategy and Priorities in making funding decisions.
Submissions to the Inquiry may consider whether the legislation enables the funds generated by the MRFF to be distributed in a flexible manner that allow for support for commercialisation, such as distribution to corporate entities via the proposed Translational Biotech Fund.
For example, AusBiotech has urged the Government to consider the dedication of a significant portion of the MRFF proceeds, material to achieving the policy intent, to the translation of research, in-line with the Strategic Review of Health and Medical Research (2013) (the McKeon Review) recommendations. To do so would give us the best possible opportunity to turn our investment in discovery and ensure it results in gain to the Australian community in terms of needed therapies.
A key element of the report was the strengthening of commercial pathways to ensure the translation of research outcomes into health and economic benefits for the Australian community, and called for the establishment a Translational Biotech Fund.
It has also been suggested that the invested capital of the MRFF might appropriately be invested in companies that are conducting R&D and commercialising health and medical innovations. The Senate Inquiry may also consider if the legislation would enable this to occur without delaying the legislation’s passage.
Information on the Inquiry can be found at its home page. Or, contact Lorraine Chiroiu (lchiroiu@ausbiotech.org), Chief Industry Affairs Officer at AusBiotech, if you would like to contribute to the AusBiotech submission.