Burnet Institute welcomes the announcement of $33 million from the Medical Research Future Fund (MRFF) to support new clinical trials and research, to assist patients suffering from chronic illnesses.
The disbursement includes $18 million for building clinical trial capacity and public health research including the application of precision medicine, and $8 million for clinician researcher fellowships.
Precision medicine is a model proposing the customisation of health care, in which medical decisions, practices or products are tailored to the individual patient.
Burnet Institute Director and CEO, Professor Brendan Crabb AC said the funding would help Australia to retain its best and brightest researchers to focus on the development of new treatments, drugs and medical technologies.
“Clinical trials are how we get research from the laboratory bench to the bedside, and part of the means by which discoveries become marketable internationally,” Professor Crabb said.
“They’re critical to the delivery of cost-effective high-quality health care, and produce extremely high returns on investment.
“The funding announced today by Health Minister The Hon Greg Hunt MP is an acknowledgement not only of the importance of these trials, but the ability of Australia’s world-class medical research community to capitalise.
“Ultimately, it will be vulnerable communities and patients in need who’ll benefit.”
The $20 billion MRFF was announced as part of the 2014-15 Federal Budget to provide a sustainable source of funding for vital medical research in Australia over the medium to long term.
Disbursements over the first five years of the MRFF are projected to be $1.4 billion, and when the fund matures annual disbursements of up to $1 billion are anticipated.
The first disbursements from the MRFF focus on translating research into real health benefits, breakthrough investments in new technologies and health challenges, and enhancing Australia’s reputation for research excellence and leadership.