The Government is providing more than $22 million for early stage research that will lead to new interventions, cures and treatments of major diseases and illness.
Arthritis, asthma, back pain, cancer, cardiovascular disease, chronic obstructive pulmonary disease, diabetes and mental health conditions are all being targeted in the project.
Health Minister Greg Hunt said early stage research is the key first step to better diagnosis, treatment and ultimately cures.
"Through the Government's Medical Research Future Fund, we will provide $22.3 million to MTPConnect to operate the new Biomedical Translation Bridge initiative," Mr Hunt said.
"MTPConnect will partner with BioCurate (University of Melbourne and Monash University) and UniQuest (University of Queensland), both pre-eminent organisations in the commercialisation and translation of health and medical research in Australia.
"These organisations bring decades of industry-based experience to this major research effort. Successful research projects will receive between $200,000 and $1 million over a maximum of three years. MTPConnect will also seek additional funding for these research projects from philanthropic and third party sources."
Industry, Science and Technology Minister Karen Andrews said the funding builds on the $10 million dollars committed by last year to allow the MedTech and Pharma Growth Centre to continue its work through to 2021.
"These programs have been making headway in helping to accelerate the growth of the sector by forging stronger connections between research and industry," Ms Andrews said.
"Boosting opportunities to translate and commercialise our scientific discoveries means more medical breakthroughs to help everyday Australians, as well as stimulating our economy and creating jobs."
This funding is made available through our Medical Research Future Fund — an endowment fund which will mature at $20 billion, providing a sustainable source of funding for vital medical research.
