Top medical researchers say Medical Research Future Fund is fatally flawed
The federal government’s proposed Medical Research Future Fund has focused attention on the potential health and economic benefits of increased investment in Australia’s world-class medical research, which has produced Nobel prize winners and discoveries that enhance millions of lives annually.
What has been overlooked is, that at the same time as increasing support for medical research, the budget has removed virtually all of the programs that were designed to assist good ideas becoming new products.
For Australia to reap the rewards of increased investment in medical research, we also need to support its translation.
The mechanism by which medical research leads to improvements in healthcare is well defined. Great innovations lead to new intellectual property (patents and know-how) which then underpin the development of new drugs, vaccines, diagnostics or medical devices.
Product development is a lengthy and very expensive process, with the period between the original discovery and first sales generally more than 10 years.
Government support beyond the original discovery is critical and, if well designed, will encourage private investors and industry to spend the significant time and resources required to bring products to market.
The proposed reduction in government support for translation of medical research will place Australia at a huge disadvantage to our peers, including the US and UK.
Professor Ian Gust
BioMedical Research
Carlton, Vic
on behalf of seven other organisations
Source: Australian Financial Review