Biomedical Translation Fund a game changer for Australian innovation
Bill Ferris AC, Chair of Innovation and Science Australia (ISA), has welcomed the Australian Government’s announcement of the successful Biomedical Translation Fund (BTF) managers.
Speaking alongside the Minister for Health and Aged Care, Sussan Ley, and the Minister for Industry, Innovation and Science, Greg Hunt, at the CSIRO in Canberra this morning, Mr Ferris welcomed the successful applicants and reiterated the importance of the initiative.
“On behalf of the ISA Board, I’d like to congratulate Brandon Capital Partners, OneVentures Management and BioScience Managers on their successful applications.” Mr Ferris said.
The $500 million BTF will be made up of $250 million in Commonwealth funding and at least as much matched by the private sector. The fund will invest in promising biomedical innovations with commercialisation potential.
The successful fund managers were selected through a competitive tender process managed by the Biomedical Translation Fund committee of the ISA board. The BTF committee, chaired by Mr Peter Wills AC, considered each applicant’s expertise in commercialising health and medical research and their ability to guide innovative Australian companies along the commercialisation journey.
“The BTF promises to be a game changer for innovative Australian life sciences companies. I’d like to thank Peter and the members of the BTF selection committee for their expertise and efforts in getting to this point.” Mr Ferris said.
“For too long Australia has been held back from reaching our innovation potential by a lack of access to capital for those seeking to pursue commercial opportunities presented by our world class health and medical research.”
“Too many have sought to commercialise a diagnostic device or treatment application and found no clear path through the ‘valley of death’ of capital-intensive clinical trials and other regulatory processes. We cannot afford to be losing these opportunities or the associated improved health outcomes and this is precisely what the BTF seeks to address.” He said.
Mr Ferris said that by agreeing to match the BTF’s private funding, the government was making an important investment in Australia’s future.
“Providing our up-and-coming innovative life sciences companies with the funding and encouragement they need in Australia will ensure less of our inventiveness and intellectual property drifts offshore to achieve support. The BTF will increase our innovative leadership in world health outcomes.” Mr Ferris said.
Tim Powell, Office of Innovation and Science Australia
Phone +61 428 558 384