Australian Government to invest in new medical technologies
The Government of Australia has announced funding for three medical breakthroughs to aid patients with severe disabilities and chronic back pain in the country.
From the A$500m ($402.6m) Biomedical Translation Fund (BTF) of the National Innovation and Science Agenda, a total of A$13.3m ($10.6m) will be invested towards the new medical initiatives.
Rex Bionics will receive A$5m ($4m) of the total funding to develop a hands-free robotic device for people with the severe inability to walk, exercise and rehabilitate.
The government intends to invest A$3.3m ($2.6m) in Saluda Medical for neuromodulation technology to assist people with debilitating conditions such as chronic back pain.
CHARM Informatics will be provided with A$5m ($4m) for data aggregation and commercialisation services for smart medical device developers.
According to Australian health minister Greg Hunt, BTF acts as a vital funding bridge between the lab and patient to ensure the continuation of biomedical research during translation to market phase.
Hunt said: “This vital funding will support researchers when they need it most - for clinical testing, developing prototypes and other requirements before a high-potential product or service can come on the market.
“These new BTF investments reflect the government’s commitment to deliver the benefits of health and medical research to Australian patients.”
Australia Industry, Innovation and Science minister Arthur Sinodinos said that in addition to enhancing biomedical research, BTF helps in creating jobs across the health and medical research sector.
Sinodinos further added: “As well as the BTF, the Turnbull Government is supporting innovation and growth in the sector through the A$20bn ($16bn) Medical Research Future Fund and the research and development tax incentive.”