Minister for Industry, Innovation and Science Senator Arthur Sinodinos today launched the ‘M2’ precinct, a joint project between CSIRO, Monash University and Monash Health Translation Precinct. This facility also includes CSIRO’s new Biomedical Materials Translation Facility (BMTF).
The new precinct and BMTF are set to accelerate Australia’s breakthroughs to turn great ideas into a reality in life-changing medicine including medical devices, vaccines and cell therapies through combining technology, research and medical science.
“From life-changing cochlear implants, to life-saving vaccines, world-first 3D printed bone and tissue replacements, Australia has an incredible track record when it comes to medical technologies and pharmaceuticals,” Senator Sinodinos said.
“M2 will help to accelerate development of technology like this, not only vital for the improvement of the lives of Australians facing medial challenges, but also leading to job and economic growth for Australia.
“Through the National Innovation and Science Agenda, the Australian Government is investing heavily in medical technology with the $20 billion Medical Research Future fund providing long-term financial backing to foster closer collaboration between the research sector and industry, and the $500 billion Biomedical Translation Fund helping commercialise biomedical research in Australia.
“M2’s work will also complement work being done by the Government’s Medical Technologies and Pharmaceuticals Growth Centre (MTP Connect) to help establish Australia as an Asia Pacific hub for medical technology, biotechnology and pharmaceutical companies.”
Australia is home to more than 500 companies working in the Medical Technologies and Pharmaceuticals (MTP) sector. Many of these are small and medium enterprises, which can struggle to make the expensive, time consuming transition from prototype to clinically tested product.
With global populations ageing and emerging markets seeking better health care, there’s huge growth underway in the MTP sector. It’s expected to be worth almost $3 trillion by 2025, while $18 billion and 28,000 new jobs could be added to the Australian economy over the next eight years.
“Monash is determined to help build a new, globally competitive biomedical industry with our partners,” Monash University Provost and Senior Vice-President Professor Marc Parlange said.
“This initiative will deliver real health benefits to all Australians. Our healthcare spending is expected to almost double to 16 per cent of GDP by 2040. Cheaper and more effective medical solutions are better for our health and Australia’s financial future.”