In January this year, the Australian government confirmed its commitment to raise $20 billion for a Medical Research Future Fund (MRFF). BioPacific sees this fund as a critical long-term policy to assist Australia’s world-leading researchers to reduce disease burden and contribute to economic growth.
When it reaches its goal, the MRFF will distribute $1 billion in annual funding in perpetuity for health and medical research. This will have an enormous impact on long-term research in Australia and its ability to improve lives and create breakthrough technologies.
An analysis commissioned by the Australian Society of Medical Research has demonstrated that this investment will result in a return of approximately $3.40 in economic savings on every $1 investment in research. Professor Doug Hilton, of the Association of Australian Medical Research Institutes, stated that “These returns come in the form of health savings resulting from more effective healthcare and a healthier community, a reduction in the burden of premature mortality and morbidity on productivity, the commercial returns from medical innovations, and other health and productivity gains resulting from improved health outcomes.”
Funding for growth is also mounting at a state-level. Queensland is emphasising innovation with a planned $500 million Entrepreneurial and Innovation Fund and $90 million Science and Innovation Policy – Research to Reality Fund.
These types of large-scale funding programmes provide the support that research requires to make it a reality and, alongside strong scientific innovation, set Australia on the path to success.
By Emma Armitage, Business Analyst, BioPacific Partners