A$22 million to fast track early-stage research in Australia

Australian Minister of Health Greg Hunt today announced that the government is providing more than A$22 million ($15.7 million) for important early-stage research that will lead to new interventions, cures and treatments of major diseases.

Major diseases – like arthritis, asthma, back pain, cancer, cardiovascular disease, chronic obstructive pulmonary disease, diabetes and mental health conditions – have a severe impact on the quality of life for Australians and their families.

Minister Hunt said early-stage research is the key first step to better diagnosis, treatment and ultimately cures.

“Through the government’s Medical Research Future Fund we will provide A$22.3 million to MTPConnect to operate the new Biomedical Translation Bridge initiative,” Minister Hunt said., adding: “MTPConnect will partner with BioCurate (University of Melbourne and Monash University) and UniQuest (University of Queensland), both pre-eminent organisations in the commercialisation and translation of health and medical research in Australia.

He continued: “These organizations bring decades of industry-based experience to this major research effort. Successful research projects will receive between A$200,000 and A$1 million over a maximum of three years. MTPConnect will also seek additional funding for these research projects from philanthropic and third party sources.”

Industry, Science and Technology Minister Karen Andrews said this funding builds on the A$10 million committed by the Liberal National Government last year to allow the MedTech and Pharma Growth Centre to continue its work through to 2021. “These programs have been making headway in helping to accelerate the growth of the sector by forging stronger connections between research and industry,” Minister Andrews noted.

This funding is made available through the landmark Medical Research Future Fund — an endowment fund which will mature at A$20 billion, providing a sustainable source of funding for vital medical research. It is the single largest boost in health and medical research funding in Australia’s history.