The health and medical research sector has welcomed the Government's restated commitment to the Medical Research Future Fund (MRFF).
Despite the political failure of one of its key funding measures, the Medicare GP co-payment, the target of reaching $20 billion by 2020 appears set to be reached, with the Budget including $400 million in distributions to health and medical research over the forward estimates, starting with $10 million in 2015-16.
From 2020, the MRFF is expected to provide $1 billion in direct annual support for health and medical research.
MRFF Action Group Chair, Peter Scott, said the health and medical research sector in Australia was delighted to learn the fund was to be legislated and operational by 1 August 2015.
The MRFF Action Group includes AusBiotech.
“The nation-changing MRFF is a forward-thinking policy that will benefit all Australians. Legislating for the establishment of the MRFF will be a tremendous legacy for this Parliament to leave our nation and we encourage all members and senators to support it, regardless of their political affiliations,” he said.
He continued, “The creation of the MRFF in the next few months will be transformative for not only health and medical researchers but for the broader Australian community because we know only too well the tremendous impacts this research has on both the health of Australians and on our economy.
The Association of Australian Medical Research Institutes (AAMRI) said the Government's commitment to the MRFF made health and medical research a central pillar of its Budget.
According to AAMRI President, Professor Doug Hilton, “Without doubt, the MRFF was the highlight of last year’s budget, especially for the health and medical research sector, and while it has taken a year to get to this point, we are very pleased that the government has stood by this nation-changing policy.
“This visionary fund couldn’t come at a better time, delivering renewed confidence to the health and medical research sector, knowing that within a decade we will have a doubling of funding for medical research via a safe-guarded future fund, while giving some immediate relief."
Research Australia Chair, Professor Christine Bennett, described the MRFF as "one of the most significant health and economic policies in our nation’s history."
"...while the MRFF was a cornerstone of the government’s previous budget, the fact that the government continued to demonstrate its commitment to the fund tonight is a cause for celebration,” she said. “The opportunity Australia has with this flagship fund simply cannot go unrealised, and the government clearly recognises this. The MRFF will allow this country to undertake large-scale health and medical research like never before that will have life changing benefits for all Australians.”
