Federal Labor has announced the establishment of a Medical Research Innovation Fund (MRIF) in recognition of the importance of long term investment in health and medical research.
In 2011, the Federal Labor Government announced a major independent review of health and medical research in Australia, which became known as the McKeon Review.
|Kevin Rudd announces new fund|
The Review’s 21 recommendations outline a ten year vision for better health and economic prosperity through a greater focus on health and medical research. Although the McKeon Review found that Australia has one of the world’s best performing health systems, it also identified the need for new strategies and processes to drive improvements in healthcare delivery.
Significantly, the Review recommends better integration of health and medical research into all aspects of the health system and acknowledges that health services conducting research deliver better outcomes for patients.
As an initial response to the landmark Review, Federal Labor will establish a new Medical Research Innovation Fund to provide capital for early stage development of innovative biotechnology ventures. The MRIF aims to invest $125 million of public funding matched to $125 million of private sector funding. It is expected that the Fund will help stimulate jobs in the research sector.