Foresight to translate research into treatments, devices and diagnostics
Amid the growing realisation that Australian research needs support to make it a reality, the Queensland Premier has pledged a “centrepiece” $90 million Research to Reality Fund if the LNP is returned in this weekend’s election.
Also under its Strong Choices plan, the Queensland Government announced the $500 million Entrepreneurial and Innovation Fund to provide long-term funding for the innovation and start-up sector. The fund is to be an endowment fund and, as such, would join the federal government’s Medical Research Future Fund (MRFF) as a long-sighted, nation-building asset for Australia’s future.
AusBiotech CEO Dr Anna Lavelle said: “AusBiotech welcomes these outstanding and significant examples to support the growing emphasis on translating our world-class research into practical outcomes that improve economic productivity, create jobs and improve and extend the lives and wellbeing of Australians.
“Albeit important, the desired outcome is not just about conducting excellent research. We benefit most once the research makes the transition to a medicine, diagnostic test, a medical device or another needed product.
“To complete this journey successfully, private and public partnership is needed and the collaboration between research and industry is key to effecting this translation of research to reality.
“As we are all aware, public sector research cannot be successfully commercialised without private investment at some point. In the medicine discovery area, the need for capital is high and the pre-revenue phase long. This combination requires an effective and stable collaboration between government and private capital to optimise national benefits.”
While the details of the MRFF are still in development, AusBiotech wrote to the Health Minister this week recommending that at least 10% of the principal be dedicated to a rolling ‘Translational Biotech Fund’, providing a consistent and predictable resource for earlier stage life science companies
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