The Department of Health has entered an agreement with the Texas Medical Center (TMC) in the United States for Australian medical researchers to collaborate with their American counterparts on medical breakthroughs and clinical trials.
Announcing the Memorandum of Understanding, Minister for Health, Greg Hunt said it would enable Australian medical researchers to develop clinical practice and commercial opportunities better in the areas of genomics, rare cancers, brain cancer research and current and emerging clinical trials.
“Negotiations have been under way since June, and Australia is now the first country to form such an agreement with TMC, home to the world’s largest children’s hospital and the world’s largest cancer hospital,” Mr Hunt said.
“Medical research is currently a $1 billion industry in Australia and it is expected to triple in size, if not quadruple, in the next five years, delivering huge economic outcomes, but more importantly lifesaving results.”
He said the Government was committed to further strengthening Australia’s reputation as a global leader in health and medical research through building stronger links between researchers, industry, academia and Governments in the innovation process, including with international partners.
“This commitment to medical research is evidenced through the $20 billion Medical Research Future Fund which has been 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,” the Minister said.
