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The announcement today also included a reaffirmation of the importance of the Medical Research Future Fund (MRFF) and its existing streams, by way of a $1.4 billion commitment to the Medical Research Future Fund, including:
• A new 10-Year Low Survival Cancers Mission
• A new 10-Year Reducing Health Inequities Mission
• Continuing existing streams of life-changing MRFF funding
ANDHealth CEO Bronwyn Le Grice said: “There is tremendous potential for Australia to rapidly rise through the entrepreneurship ranks if it invests smartly and builds upon Australia’s deep roots in traditional health and medical research capability.”
“We warmly welcome this announcement of a unified national strategy, which is desperately needed to deliver better aligned health and medical research outcomes, and we look forward to working with the government to develop a cohesive strategy.”
“The proposed new strategy must deeply consider the required expertise and knowledge to support Australia’s needs in the future, as well as the focus areas and technology areas that are aligned to Australia’s interests, which is the missing piece needed to cast the cohesive vision to deliver this.”
“This is an extremely positive development, especially when considered alongside the recent release of the National Reconstruction Fund’s Medical Science Co-investment plan, the success of the Medical Research Future Fund and the ongoing excellence delivered by the National Health & Medical Research Council.”
Technologies such as digital therapeutics, software as a medical device, sensors, wearables and connected devices, clinical decision support tools, artificial intelligence and precision and personalised medicine are key components of Australia’s digital health industry, which are driving changes to models of care and the ability of Australia’s economy to deliver care both more effectively and more efficiently.
Ms Le Grice said that, “Health and medical research is, at its core, the pursuit of science, which can through translation and commercialisation, better the health and wellbeing of our global population.”
The “Health Research for a Future Made in Australia” package announced today has a total investment of $1.89 billion, including $1.4bn in funding through the MRFF and $411m to support 229 researchers to tackle the nation’s greatest health challenges, through the National Health and Medical Research Council (NHMRC).
ANDHealth is currently a recipient of funding through the MRFF for its flagship ANDHealth+ accelerator program. A recent report by global consulting firm L.E.K. Consulting found that for every $1 invested into ANDHealth’s flagship accelerator, $19.70 in capital is raised and $4.2 in gross economic value is delivered by digital health SMEs. For every $1 million invested, 56 jobs are created.
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