Medical research key to healthy population and innovative economy

Tonight’s Budget announcement of $435.8 million in grants on medical research is important for securing Australia’s future.

“Medical research provides significant future pay-offs for the wider community, the economy and society,” Chief Executive, Ian Chalmers, said tonight.

“Medical research makes a major contribution to the development of new treatments for diseases. This helps maintain a healthy population, particularly one that is ageing, as well as build an innovative economy here in Australia.”

“The collaborative development of the cervical cancer vaccine by former Australian of the Year, Prof Ian Frazer, and the pharmaceutical industry is an example of the benefits – both social and economic – that come from funding medical research.”

Medicines Australia welcomed other initiatives in the 2007-08 Federal Budget, including:

• The expansion of access to PBS medicines and services to treat conditions such as osteoporosis, high cholesterol and attention deficit hyperactivity disorder.
• The package of measures to help prevent chronic diseases like type 2 diabetes and skin cancer.
• Funding of vaccines under the National Immunisation Program to prevent conditions such as human papilloma virus, rotavirus and Q fever.
• Streamlining human research ethic reviews to reduce red tape and minimise delays in the start of multi-centre clinical trials in Australia, and
• Recently announced measures in the Industry portfolio to lift investment in innovation, including changes to allow increases in foreign-owned R&D to be eligible for the 175% R&D tax concession.

These and other measures will help improve the health of Australians and Australian industry now and into the future.

–ENDS–

Contact Person:

Jamie Nicholson
Media Communications Manager
Phone: 0419 220 293
Email: Jamie.Nicholson@medicinesaustralia.com.au