In a move welcomed by Australian health and medical researchers, the Australian Federal Government has transferred AU$1.277 billion to the Medical Research Future Fund Special Account. An initial $61 million will be invested in medical research this financial year.
“This is Prime Minister Turnbull and Health Minister Ley doing exactly what they said they would do – build our health system and build an innovation nation,” said Nadia Levin, CEO of Research Australia, an alliance of 160 members and supporters advocating for health and medical research in Australia.
“This is not just words, its action and its money, and it is going to make an enormous difference to the health of Australians and the health of our economy.
“When it is fully funded by early next decade, the Medical Research Future Fund will deliver around $1 billion a year for new therapies, treatments, drugs and devices that will directly benefit Australians”.
Weeks of consultation and hundreds of submissions are feeding into a MRFF strategy and principles document, which will help shape what the first $61 million is invested in, this financial year.
“We along with our alliance members, are extraordinarily excited about working with the government on the policy settings and projects over the coming weeks and months,” said Ms. Levin.