Health Minister Sussan Ley has announced $15.2 million in grants to support the commercialisation of medical research.
The 26 NHMRC Development Grants were included as part of $123.5 million in total grants announced by Ms Ley.
“It has been estimated that every $1 spent on health and medical research generates a health benefit valued at over $2," she said. “The Australian Government is proud to support our country’s brightest health and medical researchers and the research that will help to deliver the next big breakthroughs in medicine.”
She continued, “The important step of taking a concept to reality has the potential to create new highly-skilled jobs, export earnings, new companies and even new industries in the future.”
The funded NHMRC Development Grants include an injectible filler to repair bones, a new sperm sorting device to reduce male infertility and improve IVF outcomes and a device to improve the quality of cancer imaging and treatment precision.
NHMRC CEO Professor Warwick Anderson said the grants were an important mechanism for encouraging the translation of research into health outcomes.
“Many of these grants are supported by leading Australian biotechnology companies which contribute intellectual property advice, salaries to support researchers, access to equipment and marketing expertise,” Professor Anderson said.
“This collaboration is crucial to the translation of research and the creation of new industries in Australia,” he said.
Companies supporting grants in these rounds include big names such as Elastagen, Cochlear, Genea, Siemens Healthcare and GlaxoSmithKline.
“...we have been responsible for a range of successful commercial health outcomes including the bionic ear, the cervical cancer vaccine and spray-on skin for burns victims,” Professor Anderson said.
“I look forward to following these grants on their path to commercialisation, many of which have the potential to both substantially improve human health as well as create economic prosperity for Australia,” he said.