Future of MedTech Patients

$240 MILLION FOR RESEARCH INTO THE NEXT BIG MEDICAL BREAKTHROUGH

The Commonwealth Government is supporting Australia’s brightest minds with a $240 million program giving researchers significant funds for their innovative and transformational medical research.

Applications for the Frontier Health and Medical Research program have now opened, allowing researchers to push the boundaries to develop tomorrow’s health and medical breakthroughs.

The Frontiers program is filling a gap in the research sector by providing government funding for early innovative projects and ideas that traditionally would not have received funding at this stage.

The Australian-first program has a unique, two-stage structure and was developed in consultation with Australian and international leaders in health and medical research including Research Australia.

In stage one, up to ten selected applicants will receive funding of up to $1 million each over one year to develop detailed planning for their cutting-edge research projects.

In stage two, a number of research plans developed under stage one will be chosen to receive funding to develop their ideas into new technological advances or approaches to revolutionise healthcare.

Stage two grants could be $50 million or more depending on the project and can extend over five years.

This program will confirm Australia as a leading source of innovation and discovery and will help bring about the next big medical breakthrough.

Frontiers is an initiative under the $1.3 billion National Health and Medical Industry Growth Plan, announced in the 2018 Budget. This game changing program is funded by the Government’s Medical Research Future Fund (MRFF).

Minister Hunt said the investment has the potential to transform healthcare and stimulate growth in the Australian medical technologies, biomedical and pharmaceutical (MTP) sector, a vital part of the innovation economy.

“The Government is able to provide unprecedented levels of support to health and medical research because of our strong economic management,” Mr Hunt said.

The MRFF is an endowment fund, which will mature at $20 billion, providing a sustainable source of funding for vital medical research. It is the single largest boost in health and medical research funding in Australia’s history.

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