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The Australian government has decided to launch a new Biomedical Translation Fund in which part of the nation&#8217;s $2 trillion superannuation system will be invested.</article>

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The Australian government has decided to launch a new Biomedical Translation Fund in which part of the nation&#8217;s $2 trillion superannuation system will be invested.
The fund will invest in commercial medical technologies, and was officially launched by Innovation and Science Minister Greg Hunt on Wednesday. The fund matches every dollar venture capital and super funds invest upto $500 million.
Peter Wills, chairman of the government&#8217;s 1998 health and medical research strategic review, will be heading the BTF committee.
This fund will help startup biomedical firms take their research to markets, an expensive process.
Paul Perreault, the chief executive officer of CSL, the world’s second-largest influenza vaccine manufacturer, told The Australian that the fund was about investing in the future of Australia&#8217;s medical industry.
The Abbott government had set up the $20 billion Medical Research Future Fund, with distributions of $1 billion a year, but that did not provide enough capital to translate new research into commercially viable products.
“We are sitting here in Melbourne, Sydney and across Queensland on some really important medical discoveries. We have really smart people in Australia doing important work but it never seems to get out there past the lab,” Mr Perreault was quoted as saying in the report.
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The Australian government has decided to launch a new Biomedical Translation Fund in which part of $2 trillion superannuation system will be invested.

Australia: Biomedical Translation Fund will help bring new innovations to market

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Australia: Biomedical Translation Fund will help bring new innovations to market

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