Taskforce to advise government on investment in medical research

The federal government has set up the Private Sector Investment Taskforce to come up with strategies to gain more support for Australian researchers from business and philanthropic funds, both in Australia and overseas.

The Investment Review of Health and Medical research (the Grant review) submitted to the government at the end of last year, recommended that multinational pharmaceutical and biotech companies increase their investment in Australian medical research to $1 billion per annum. The formation of the taskforce is part of the government's response to this review.

"Industry investment is important," said Christine Bennett, CEO of Research Australia, a national not-for-profit alliance of organisations and companies committed to making health and medical research a higher national priority.

According to Bennett the current global spend from these corporations is US$80-100 billion, which currently invest around US$420 million per year on Australian research.

"Since Australia represents 1.5 per cent of the global research population, it should be achievable to attract US$1 billion from these big corporations here," she said. Bennett sees the setting up of the taskforce as a positive step.

"Australia's visibility as a major research nation and a strong biotech nation needs to be promoted -- we arguably have the strongest biotech growth in the world, and that needs continued R&D support and pipeline. The taskforce committee is looking at these issues."

The taskforce will report to the government in August to advise on ways to encourage more investment in Australian health and medical research.