Minister for Industry and Science Ian Macfarlane has announced a new Prime Minister's Price to recognise the commercial application of science.
The 2015 Prime Minister's Prizes for Science will include a prize for the Commercial Application of Science, adding the existing Frank Fenner Prize for Life Scientist of the Year, the Malcolm McIntosh Prize for Physical Scientist of the Year, the Prize for Excellence in Science Teaching in Primary Schools, the Prize for Excellence in Science Teaching in Secondary Schools, and the overall Prize for Science.
"All Australians benefit from the advances in science and the best way to share the gains of our world-class scientists is to encourage stronger links between science and business," Mr Macfarlane said.
Virtually every Federal Government review of medical research has highlighted significant shortcomings in the translation of research and development into commercial applications.
The 2013 McKeon Strategic Review of Health and Medical Research in Australia called on the Government to enhance the environment for the commercialisation of research.
It called for a greater policy focus on creating a culture of collaboration between researchers and industry.
According to Mr Macfarlane, the new prize "will promote building better links between researchers and industry and encourage entrepreneurship in our business and research communities.
"This is another practical illustration of the Government's focus on ensuring Australians capitalise on new markets and new job opportunities, the central plank of our Industry Innovation and Competitiveness Agenda."
Last year's recipients of the Prime Minister's Prize for Science were Laureate Professor Sam Berkovic and Professor Ingrid Scheffer of the University of Melbourne, who led the way in finding the genetic basis for many types of epilepsy.
Total prize money of $700,000 will be awarded across the six prizes in 2015.
The first stage of the nominations is now open until 5.00 pm 26 March.