The Australian government is providing $250 million to boost the commercialisation of new biomedical discoveries of local researchers. The new Biomedical Translation Fund is a major initiative expected to help Australian researchers take their innovative works to the global market place.

The fund is under the government’s National Innovation and Science Agenda. Minister for Health Sussan Ley described the fund as an investment to ensure the biomedical research sector in the country can translate its innovation into better treatments, drugs, devices and outcomes for Australian patients.

“It is an investment that will pay enormous dividends, not just for patients but also economically by supporting a viable biomedical research and production sector,” Ley said, according to a press release.

The Biomedical Translation Fund would also contribute to Australia’s newly-launched Medical Technologies and Pharmaceuticals Growth Centre. The centre is expected to build “a national footprint through additional ‘nodes’ situated within key universities across Australia,” said Minister for Industry, Innovation and Science Christopher Pyne.

He added the Growth Centre will play a significant role in connecting the country’s world class researchers and businesses working for the development of medical technologies and pharmaceutical goods.

“Collaboration boosts commercialisation and investment, and sets the nation on a path to a more innovative and entrepreneurial economy,” Pyne said. The Biomedical Translation Fund would help ensure that “creative and excellent research work by Australia’s biomedical sector is retained in Australia to benefit Australians and our economy.”

Contact the writer at feedback@ibtimes.com.au or tell us what you think below