Innovation Minister Greg Hunt and Health Minister Sussan Ley have announced the details of the $500 million Biomedical Translation Fund (BTF), including the guidelines.
In a joint statement with Health Minister Sussan Ley, Mr Hunt said the Government’s $250 million investment in the BTF would be dollar-matched by private sector co-investment.
“This investment will ensure the most promising discoveries from world renowned, innovative Australian health and medical research will gain access to institutional growth capital to be turned into better drugs, better devices and better health outcomes for Australians,” said Ms Ley.
“The fund will also help our research experts tap into corporate investment networks to participate in the growing global market for developing treatments, therapies and cures for diseases worldwide.”
“Without increased access to venture capital and entrepreneurial investment we risk missing an opportunity to commercialise our great ideas and research outcomes to benefit all Australians and our economy,” said Mr Hunt.
“Today’s announcement delivers on a major element of the National Innovation and Science Agenda to put Australia on the path to a more innovative and entrepreneurial economy.
“The BTF will leverage our world leading health and medical research strengths and ensure our best ideas are retained in Australia.
“It will also strengthen Australia’s biotechnology and pharmaceutical industries to remain vibrant and competitive into the future through changing economic times,” he added.
Innovation Australia will administer the BTF via its newly appointed BTF Committee chaired by Mr Peter Wills AC. A committee, experienced in health and medical research and venture capital, has been established to oversee the BTF.
“The selection of private sector fund managers, backed by astute professional investors, will be competitive to ensure that they have the skills and expertise to make investment decisions that will pave the way for long term health and business wins,” added Mr Hunt.