Biomedical Translation Fund officially opens

The federal government’s Biomedical Translation Fund (BTF), announced last year as part of the National Innovation and Science Agenda, was officially launched yesterday by Minister for Health and Aged Care Sussan Ley and Minister for Industry, Innovation and Science Greg Hunt.

The fund has been designed to push through the bottleneck preventing research from getting out of the lab, stimulating private-sector investment during the early stages of companies’ commercialisation journeys. As noted by Bill Ferris AC, chair of Innovation and Science Australia, “Australian health and medical research is ranked in the top five worldwide, but we have a far less impressive record when it comes to translating our discoveries.”

Originally set to be worth $250 million, it has now been revealed that the government’s investment in the fund will be matched dollar for dollar by private sector co-investment, bringing the final figure up to $500 million.

“This investment will ensure the most promising discoveries from world-renowned, innovative Australian health and medical research will gain access to institutional growth capital to be turned into better drugs, better devices and better health outcomes for Australians,” said Ley.

“The fund will also help our research experts tap into corporate investment networks to participate in the growing global market for developing treatments, therapies and cures for diseases worldwide.”

Innovation Australia will administer the BTF via its newly appointed BTF Committee, chaired by Peter Wills AC. Applications from private life sciences fund managers seeking to participate will be open until 14 September.

“The selection of private sector fund managers, backed by astute professional investors, will be competitive to ensure that they have the skills and expertise to make investment decisions that will pave the way for long-term health and business wins,” noted Hunt.

Ferris has described the fund as “a welcome shot in the arm for the nation’s biotechnology and medical technology innovators, entrepreneurs and investors”.

“This will accelerate the translation of more of Australia’s great medical discoveries,” he said.

For more information or to apply for the fund, visit https://www.business.gov.au/assistance/biomedical-translation-fund.