AAMRI Victoria submission to Victorian Medtech and Pharma Strategy

AAMRI Victoria submission to Victorian Medtech and Pharma Strategy

14th September, 2015

AAMRI Victoria’s response to the Victorian Government’s discussion paper focuses on seven key areas and initiatives that are required to transform the medical technology and pharmaceutical sectors in Victoria:

  • Establish two translational and commercialisation consortia
  • Create precinct-based proof-of-concept funding
  • Patent promotion and resources
  • Clinical development, trials and data
  • Talent development with convergence between academic culture and commercial values, insights and clinical outcomes
  • Business streamlining and awareness – building a small number of centres with critical mass in commercialisation expertise
  • Pragmatic strategic approach to translation and manufacturing

These priority actions will create an environment where more government-funded research finds its way out of the laboratory and into a world in which its potential for direct patient impact is tested and protected (by the proof-of-concept fund); and where products with potential result in licensing agreements or attract early stage venture funding (through greater levels of seed funding) and are prepared professionally for full scale venture investment (by integrated pools of commercialisation expertise).

This response is based on funding of $60 million over five years for two initiatives under the “umbrella” of medical technologies and pharmaceuticals – the two initiatives being a) medical technologies and b) pharmaceuticals and diagnostics. The distribution of funds between the seven key focus areas requires further discussion to ensure maximum return and job creation in Victoria.  Furthermore, there is significant opportunity for coordination and leverage with the National Growth Centre with similar ambitions.

 

You can download AAMRI Victoria’s full submission below.