$1.3 billion injected into the Medical Research Future Fund

$1.3 billion injected into the Medical Research Future Fund

26th August, 2016

A milestone was reached today as the Government’s investment in the Medical Research Future Fund (MRFF) topped more than $4.4 billion. A payment of nearly $1.3 billion into the fund today means the fund is well on the way to achieving its initial target capitalisation of $20 billion.

The MRFF is expected to deliver close to $800 million in disbursements to medical research over the next four years, building to $1 billion per year by 2020. This funding is in addition to medical research funding currently provided by the National Health and Medical Research Council (NHMRC), and will double the Federal Government funding for medical research and innovation.

“I congratulate the Government on reaching this important milestone. This investment will help us find the treatments and cures for some of the most intractable diseases.” said AAMRI President, Professor Doug Hilton.

The payment into the fund comes at a time when NHMRC funding rates have dropped to an all-time low of 13.7%, with many high quality and high potential research projects going unfunded.

“This payment into the fund will bring renewed confidence into the sector, knowing that within a decade we will have a doubling of funding for health and medical research,” Professor Hilton said.

“The MRFF will not only improve life expectancy and quality of life for Australians, but it will also lead to financial returns to the nation by reducing the burden of disease on the health system and productivity through the creation of innovative businesses and jobs.

“But perhaps the most important benefit this investment in the Medical Research Future Fund will bring is hope. Every person fighting a life-threatening disease, and their friends and family, lives in the hope that health and medical research will deliver to them better treatments, or even cures for their condition.”

Media Contact: Peter Thomas, 0411 600 992, peter.thomas@aamri.org.au