The Biomedical Translation Fund (BTF) is to be funded with $250 million over financial years 2015/16 and 2016/17, diverted from contributions originally earmarked for the MRFF.
The BTF will use existing commercial Fund Managers for co-investment on a 50/50 basis, with the investment managers to source the other co-investors. Continue reading “$500 million fund will help build Australia’s biomedical industry of the future”
As part of the National Innovation and Science Agenda (NISA) Treasury has undertaken a consultation on an initiative to provide tax incentives for early stage investors in innovative companies. Research Australia’s submission supports the proposal and suggests some amendments to improve its operation and reduce red tape. These include making registration for the R&D Tax incentive a qualifying condition for treating a company as an ‘innovation company’ in respect of which the tax incentive can apply, and allowing the tax incentive to be available to ‘retail’ investors. The tax incentive has the potential to increase the capital available to early stage innovative companies, including those seeking to commercialise new medicines, devices and therapies.
Tax Incentives for early stage investors
A device the size of a matchstick, implanted next to the brain’s motor cortex, could one day help paralysed people move their limbs
A group of paralysed patients will soon undergo a revolutionary procedure that could allow them to walk with the power of thought.
The key to returning mobility is a tiny, matchstick-sized device called a stentrode. It will be implanted into a blood vessel next to the motor cortex, the brain’s control centre – bypassing the need for complex brain surgery.
Continue reading “Moving with the power of thought”
Research Australia submission to the Treasurer in respect of preparations for the 2016 Budget acknowledges the importance of the Government’s focus on science and innovation to Australia’s future and makes a number of recommendations with the aim of improving supporting economic growth and developing a more innovative, safer, and efficient health system that delivers better quality care.
Pre Budget Submission 2016
Research Australia’s submission to the review of research policy and funding arrangements emphasises that the primary role of universities is the creation of new knowledge and that the application of new knowledge (of which commercialisation is one of the paths) is important but necessarily a secondary role. Programmes such as the Research Block Grants and the competitive grants programmes must maintain a primary focus on research. There is scope to simplify and improve these programmes and to better support innovation in research training.
Review of research policy and funding for Higher Education
Research Australia has made a submission to the Senate Community Affairs Legislation Committee Inquiry into the MRFF Bill in its own name and as a principal member of the MRFF Action Group. While largely supportive of the MRFF Bill, Research Australia and the other members of the MRFF Action Group have proposed some amendments to the Bill to:
- improve the definition of ‘medical innovation’
- enhance the transparency and independence of decision making
- ensure the MRFF’s capital maintains its real value over time
- enable a portion of the MRFF’s capital to be invested in innovative medical start up companies.
MRFFAG Submission to Medical Research Future Fund Bill
Research Australia Submission Medical Research Future Fund Bill
Research Australia has responded to the National Tax Review Discussion Paper. Research Australia’s members are drawn from across the not for profit, government and corporate sectors. As a consequence Research Australia’s submission necessarily addresses a number of different aspects of the tax system but a common theme is the role that the tax system can play in promoting Australian health and medical research and improving the health and wellbeing of Australians. Research Australia recommends incentives to support investment in small, innovative research intensive companies, the continuation of the tax deduction for self education expenses, continuing concessions for not for profit organisations and charities, and reform of alcohol taxes to improve their effectiveness in reducing alcohol related harm.
National Tax Review 2015
The Financial System Inquiry is examining the role and function of Australia’s Financial System. Research Australia’s submission emphasises the critical role the financial system plays in supporting innovation and proposes that this should be a key aim of any government intervention in, and regulation of, the financial system. It makes the case for governments to work with private sector capital to invest in innovative companies, and provides examples of how social impact bonds can be utilised to translate research into practice in the healthcare system.
Financial Systems Inquiry
Research Australia has made a submission to the Senate Inquiry into Australia’s Innovation System. Innovation is crucial to making the most of Australia’s discoveries in health and medical research, developing new products, and improving the effectiveness and efficiency of Australia’s healthcare system. Research Australia has called for a national ‘whole of governments’ innovation strategy and the inclusion of innovation on the COAG agenda, as well as some specific measures to drive innovation in health.
Australias Innovation System
The Government has invited submissions on the draft Terms of Reference for the Financial System Inquiry. The Inquiry, to report to the Treasurer in November 2014, ‘will make recommendations to foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness.’
Research Australia’s submission has sought to have the terms of reference amended to specifically include consideration of how the financial system can better support productive innovative companies and ideas, as an essential element in commercialising the outcomes of Australia’s scientific research.
Financial Systems Inquiry Terms of Reference