ATSE believes that the priority gap facing the nation’s health system is the poor translation and commercialisation of medical research in Australia.
Ultimately, Australia is missing out on a significant return from our investment in research through patient benefits, creating skilled jobs, improving research-industry collaboration, attracting private and foreign investment of product development, and profiting from sales of patented products and services and taxation revenue.
Currently, there is a lack of funding allocated for commercial translation of medical research in Australia. MRFF funding should support the commercialisation of medical technologies from medical research institutes, universities and start-up firms. Investing in translational medical research will help overcome inefficiencies within the health system and blunt the rapidly growing costs of health care. Additional funding will also help resolve issues in the current funding models and a lack of experts in some areas.
For Australia to become a major competitor in the space of commercialised biomedicine and medical technology, and guarantee a sustainable long term future for the nation’s medical research, the government must commit to a significant financial investment. ATSE recommends that at least 50 per cent of the funding allocated by the MRFF be devoted to translational research. So as not to add further administrative costs and unnecessary complications and pressures to researchers by creating new funding grants, ATSE proposes that the MRFF incorporates the additional translational research funds to the NHMRC, rather than creating a new funding committee. ATSE suggests that the success of this funding model should be measured through the collection of data on translational outcomes.
Full details are outlined in the attached submission.
Enhancing Australia's prosperity through technology and innovation