In a bid to further promote Australia’s research and development in medicine, the Australian government is planning to invest A$35 million (~$27 million) to identify and develop new medical solutions to improve the health outcomes.

Mr David Gillespie, Assistant Minister for Health, said, the funding will be drawn from the Coalition’s Medical Research Future Fund (MRFF) and back Australian companies and entrepreneurs to make medical discoveries.

The first A$5 million investment under the new BioMedTech Horizons program will be led by MTPConnect, Australia’s premier Medical Technology, Biotechnology, and Pharmaceutical Industry Growth Centre. A subsequent A$30 million in targeted grants for new medical technology will be rolled out over the next four years creating further opportunities for Australian researchers.

The Federal Government has also announced a $100 million fund to fight brain cancer, which aims to double the survival rate of patients within a decade.

Announcing the initiative in Melbourne, Health Minister Greg Hunt said it aimed to double the survival rate of patients within 10 years, “"We want to make sure that every Australian with a diagnosis of brain cancer, has access to clinical trials here in Australia, which gives them the opportunity to access the best treatments, the best medicine, at the earliest possible time," he said.

The Australian Brain Cancer Mission will be guided by a research roadmap, developed by Australian and international brain cancer experts and advocates.

Through this investment government aims to increase the number of biotechnology and medical technology ideas a dn increase R&D efforts. These technologies have the potential to create better health outcomes for Australians, while driving investment and strengthening economy.

“Our researchers are innovators and this investment will speed up the journey of their ideas,” said Mr Gillespie.

The BioMedTech Horizons program recognizes that collaboration across disciplines and between the research, industry, and technology sectors to maximize entrepreneurship is vital to success.