The funding will be drawn from the Coalition’s Medical Research Future Fund (MRFF) and back Australian companies and entrepreneurs to make medical discoveries.
The first $5 million investment under the new BioMedTech Horizons program will be led by MTPConnect, Australia’s premier Medical Technology, Biotechnology, and Pharmaceutical Industry Growth Centre.
MTPConnect will now release a call for grants of up to $3 million to develop ideas in precision medicine, a new approach for disease treatment and prevention, and up to $2 million for ideas to bring 3D anatomical printing to everyday medical use.
A subsequent $30 million in targeted grants for new medical technology will be rolled out over the next four years creating further opportunities for Australian researchers.
This investment aims to increase the number of biotechnology and medical technology ideas reaching the consumer.
These technologies have the potential to create better health outcomes for Australians, while driving investment and strengthening our economy.
Our researchers are innovators and this investment will speed up the journey of their ideas.
The BioMedTech Horizons program recognises that collaboration across disciplines and between the research, industry, and technology sectors to maximise entrepreneurship is vital to success.
This program complements the Turnbull Government’s $500 million Biomedical Translation Fund, which provides co-investment to progress innovative late stage research ideas through commercial success.
This investment in emerging technologies is part of the $65.9 million in MRFF disbursements announced in the Budget.
The Coalition’s $20 billion MRFF is a dedicated vehicle for priority investment in health and medical research.
The Turnbull Government is committed to supporting Australia’s talented researchers and innovators to find solutions to health challenges which ultimately improve patients’ lives.