A new medical technology incubator program, developed by the Medical Research Future Fund (MRFF) during the former coalition government, will provide up to $5 million in funding for early-stage medical research projects with commercial potential.
The $50 million BioMedtech Incubator Program is supported by the MRFF and the Medical Research Commercialization Initiative.
Responsibility for delivering the incubator has been transferred to Brandon BioCatalyst and ANDHealth, who are already delivering a range of commercialization programs supported by the MRFF.
They will be responsible for finding early-stage medical research and medical innovation start-ups to invest in and develop funding of up to $5 million each over five years. It is expected to support between 15 and 25 companies.
Initial bids for the program were launched last year under the former Morrison government, with bids closing at the end of 2022.
With this program launching later this year, the Medical Research Future Fund now has another $50 million on the table and is looking for an organization to set up a similar BioMedTech Incubator to tackle dementia and cognitive decline. Applications to run that program close at the end of July.
The $20 billion Medical Research Future Fund was established in 2015 under former Prime Minister Tony Abbott to boost local medical research by approximately $1 billion per year.
Earlier this month, Federal Secretary of Health and Aged Care Mark Butler announced nearly 200 medical research projects would receive more than $382 million in grantsincluding more than $32 million to improve Indigenous health through the MRFF.
The projects will help Australian medical researchers, including clinical researchers, discover new ways to diagnose, treat and care for people with a variety of health problems ranging from cardiovascular disease to primary and preventive health care, respiratory disease, maternal health, mental health and First Nations health.