The Liberal National Government is providing the medical research sector a $32 million boost over four years to help researchers make their medical breakthroughs a commercial success.
Funded through the landmark Medical Research Future Fund (MRFF), the Researcher Exchange and Development within Industry (REDI) grant initiative will assist Australian researchers gain access to entrepreneurial training and experience.
Activities to be delivered under the program to support researchers include mentorship, exchange opportunities, fellowships, facilitating projects between researchers and industry, and personnel exchanges between disciplines.
While collaboration between researchers and business is associated with a 70 per cent achievement of new to world innovation, Australia could do better this space.
Strengthening Australia's competitive edge in global innovation requires nurturing the skills of Australian scientists and health professionals.
Through this program researchers will develop meaningful partnerships with industry, universities, registered training providers and government entities, further strengthening the Australian medical research industry as whole.
With over $1.7 billion already invested through the MRFF, the Liberal National Government's on-going investments are supercharging the growth in cutting-edge health and medical research, leading to new cures and treatments that are improving health outcomes across Australia while fuelling jobs, economic growth and export potential.
Our Government's strong economic management means we can support medical research that gives Australians access to the next generation of life saving technologies.
The $20 billion Medical Research Future Fund was established as an endowment fund to provide a sustainable source of funding for vital medical research and is the single largest boost in health and medical research funding in Australia's history.
This support is in addition to our record funding for public hospitals, new medicines and Medicare guarantee.
The REDI grant opportunity will open today. Details available at the www.business.gov.au website.
