A$250 million Biomedical Translation Fund to bridge gap between commercialisation and research
22 Jan 2016
The A$250 million Biomedical Translation Fund, announced by the Australian Government in late 2015, will invest in promising biomedical discoveries, help bridge the gap between research and commercialisation, and create more opportunities for foreign investors to access Australia’s expertise and discoveries.
While Australia is a world leader in health and medical research, the challenge has always been to translate success in the laboratory into success at the hospital bedside.
A major initiative of the National Innovation and Science Agenda, the Biomedical Translation Fund will be used to stimulate private sector investment in the complex and expensive early-stages of biomedical commercialisation.
In recent years, biomedical businesses have had to contend with a decline in venture capital investment. The path to commercialisation is not easy. The lengthy clinical trial process, followed by regulatory and marketing approvals, can take many years and involve the expenditure of many millions of dollars.
Australia’s Minister for Health, Sussan Ley, said that the Biomedical Translation Fund, which was based on a recommendation of the Strategic Review of Health and Medical Research, will significantly boost the capital available for commercialising research. Recipient fund managers, selected through a competitive process, will be required to bring at least matching funding from the private sector for investment.
Australia’s Minister for Industry, Innovation and Science, Christopher Pyne, said that the Biomedical Translation Fund will contribute to the success of the new Medical Technologies and Pharmaceuticals Growth Centre at the University of Sydney.
The Minister said that the Growth Centre will play an important role in ‘better connecting Australia’s world class researchers and businesses working to develop medical technologies and pharmaceutical goods’.