New Fund will help grow the sector

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Health Minister Sussan Ley and Innovation Minister Christopher Pyne officially announced the $250 million Biomedical Translation Fund.

The Fund, which is designed to bridge the gap between research and commercialisation of new Australian biomedical discoveries, was included in the Government's National Innovation and Science Agenda announced last week.

“This fund will provide a huge impetus to ensure that the creative and excellent research work by Australia’s biomedical sector is retained in Australia to benefit Australians and our economy,” said Mr Pyne.

“Too often researchers find raising funds for the early stages of commercialisation too hard and take their innovations overseas.

“This fund will remove the bottleneck between getting research out of the laboratory and into the market place.”

Minister for Health Sussan Ley said the fund was based on a recommendation of the 2013 McKeon Strategic Review of Health and Medical Research.

“The fund is an investment in ensuring our biomedical research sector is able to translate its innovative work into better treatments, better drugs, better devices and better outcomes for Australian patients,” said Ms Ley. “It is an investment that will pay enormous dividends, not just for patients but also economically by supporting a viable biomedical research and production sector."


Mr Pyne said the Fund will contribute to the newly-launched, industry-led Medical Technologies and Pharmaceuticals Growth Centre, headquartered at the University of Sydney’s Institute of Biomedical Engineering and Technology.

“The Medical Technologies and Pharmaceuticals Growth Centre will create a national footprint through additional ‘nodes’ situated within key universities across Australia,” he said.

“The National Innovation and Science Agenda will create an ideas boom particularly in our strong science sector by better connecting our researchers and businesses.

“Collaboration boosts commercialisation and investment, and sets the nation on a path to a more innovative and entrepreneurial economy,” he added.