Medicines Australia has tabled a submission urging the Parliament to pass legislation that will create the Medical Research Future Fund.
However, if the MRFF is to succeed in addressing the health needs of the future it needs close collaboration with Australia’s innovative medicines industry, says Medicines Australia.
The MRFF can be a positive step forward for Australia, creating an environment in public and private research which can deliver the results that Australian patients deserve, it says.
“We are keen to work with the Australian Government to make this research fund a reality,” says Medicines Australia CEO Tim James.
“The MRFF will help to assist growth in Australian exports through commercialisation of new therapies and meet global health needs, including generating economy wide dividends for Australia.
“To ensure the greatest value from the MRFF, Medicines Australia recommends involvement of relevant partners to ensure alignment between the MRFF and the Medical Technologies and Pharmaceuticals Growth Centre, and importantly consultation on policies to improve Australia’s competitiveness through innovation, for instance R&D credits and clinical trial reforms.”
It is important that Government collaborates with Industry to discuss and develop how to leverage growth in medical research funding to ensure we can commercialise it for the benefit of Australia and build our innovative economy, he says.
“By leveraging Australia’s local strengths, including the quality of our medical research and health system, we can provide stronger competitive advantage for the nation and the health of Australians.
“We know the MRFF could be harnessed to improve Australia’s economic future, encouraging greater collaborative links between the public research and the business sectors, including Australia’s pharmaceutical industry.
“We have an economic opportunity for Australia, especially when our country currently exports medicines to over 70 countries.”
This means the right policy settings could see Australia potentially double its share of the global pharmaceutical market over the next decade, James says.
“The MRFF Bills if passed will provide a unique chance to reinvigorate investment to conduct R&D and to manufacture medicines in Australia.
“It could also bolster the Australian innovative medicines industry as a dynamic, vital part of the Australian economy and society.
“Medicines Australia looks forward to having the opportunity to work with Government to assist in ensuring the MRFF creates a positive public and private research environment to deliver the results that Australian patients deserve.”
The submission is available here.