Professor Shaun Jackson is calling on the Australian Government to establish a Medical Research Future Fund (MRFF) clinical development fund to support the early clinical development of breakthrough medical devices and therapies.
Professor Jackson sees this as a solution to navigating the ‘valley of death’, a term used to describe where new innovations are deemed ‘too early’ for sophisticated investment and ‘too late’ for further support from the Government.
The USA is typically able to avoid this pitfall due to the availability of business angels, venture capital investors and government granting schemes that support pre-clinical and early phase clinical trials. This supports research discoveries through commercialisation and, ultimately, to the patient.
Unfortunately in Australia, there is a significant funding gap, which essentially means that Australian researchers successfully make discoveries, but have difficulty commercialising them. Thus, success stories in the Australian biotech industry are few and far between.
An MRFF clinical development fund would help Australia grow the capability to bring our own new drugs and devices to market, supporting a vibrant health system and delivering long-term economic prosperity amongst other benefits.
Australia’s Nobel Laureates Vol III
Professor Shaun Jackson, Director of Cardiovascular Research at HRI, is profiled in Australia’s Nobel Laureates Vol III – State of our Innovation Nation: 2021 and Beyond, pages 462–463. You can access the original article here.
Australia’s Nobel Laureates Volume III: State of Our Innovation Nation 2021 and Beyond delivers a seminal analysis of the country’s wider innovation enterprise and its future potential. It features a mix of politicians, professors, scientists, educators, innovators, entrepreneurs and company leaders across Australia. The book provides insight into the health of the country’s innovation ecosystem and a range of voices that elevate the national innovation narrative. You are welcome to download your complimentary copy here or to purchase a copy, head here.