The Department of Health says the day-to-day administration of the Biomedical Translation Fund will probably be managed by the Department of Industry, Innovation and Science with policy oversight to remain with the Department of Health.
The Department provided the update in response to a question tabled by Labor Senator Katy Gallagher during Senate Additional Estimates in February.
It had previously confirmed that the Fund will be managed by a corporation with an expert Board, and with the Minister for Health and the Minister for Industry, Innovation and Science as joint shareholders.
The Biomedical Translation Fund was announced by the Turnbull Government last December as part of its National Innovation and Sciences Agenda.
The Fund will received $250 million from the Medical Research Future Fund, matched with $250 million from the private sector.
The Chair of recently established Innovation and Science Australia, Bill Ferris AC, recently told briefings hosted by AusBiotech that a small number of private funds managers will be appointed and receive investment allocations of $50-$125 million, depending on their experience and expertise. The allocations will only become firm commitments after each manager has raised matching funds. Returns will be shared between the Government and private investors.