Federal government renews commitment to Commercialisation Australia

In the wake of the federal budget, the government has committed to injecting $278 million into Commercialisation Australia over five years, with $82 million annually thereafter.

Speaking at the AusBiotech CEO Forum Innovation Minister Senator Kim Carr said at least a portion of this money would flow to biotechnology companies.

Biotechs have already been the recipients of Commercialisation Australia support, with almost 30 per cent of funding to date going to companies in the sector.

“Getting a product into the marketplace requires a complex mix of technical understanding, market insight and financial resources,” said Senator Carr.

“Through Commercialisation Australia, the Government helps companies, entrepreneurs and inventors navigate these processes and take-up opportunities.”

Senator Carr also said the government would contributed over $13 million into medical and biotechnologies, including an influenza test kit for pandemics, a bioherbicide to counter an invasive weed and a livestock pest control system through Commercialisation Australia.

More information about Commercialisation Australia and all the projects funded through the program can be found at the Commercialisation Australia website.