Medicines Australia Member To Play A Crucial Role In The Biomedical Translation Fund
Medicines Australia welcomes today’s announcement that CSL Limited will be a co-investor in the Government’s Biomedical Translation Fund (BTF) which has been developed to stimulate investment in commercialising Australian medical science.
This co-investment will form part of a fund called the Medical Research Commercialisation Fund Biomedical Translation Fund (MRCF BTF) which will see $115 million of public funds matched by $115 million of private investment.
Medicines Australia CEO Milton Catelin said, “This partnership is recognition that scientific innovation is a key driver of economic growth and the creation of jobs for Australians.”
“CSL Limited (a Medicines Australia member company) is a well-known Australian-grown medicines and vaccines developer at the forefront of medical science and its decision to be a co-investor is good news not just for our sector but for Australia’s medical research community.”
“CSL Limited are to be congratulated on their commitment to driving the research agenda in Australia,” said Mr Catelin.
Funded as part of the National Innovation and Science Agenda, the BTF is designed to ensure the most promising Australian research discoveries have access to institutional growth capital needed for them to be turned into better medical products and services.
In its entirety, there will be $250 million investment in the BTF fund from the Government to be dollar-matched by private sector co-investment.
“It’s critical that our government continue to foster a culture where innovation policies help to stimulate Australia’s capabilities to facilitate the next generation of breakthrough medicines, said Mr Catelin.
“If managed appropriately, the BTF, including the MRCF BTF, have the capacity to vastly improve the lives of average Australians. It will see the creation of new jobs – particularly in STEM areas – that will help Australia compete as global players in innovation, science and the delivery of life-changing technology.”
“Our members already deliver more than $1 billion every year to Australian research and development and the more our politicians deliver policies which encourage innovation like the BTF, the more this important sector will evolve.”
“Medicines Australia congratulates the Australian Government for driving this innovation and research agenda.”
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