An agreement signed today between Australia and the Texas Medical Center (TMC) in the United States will allow our world-class medical researchers to collaborate with their US-counterparts on transforming and saving lives through medical breakthroughs and clinical trials.
The Memorandum of Understanding (MoU) signed between the Federal Government and the renowned TMC in Canberra today, will enable Australian medical researchers to better develop clinical practice and commercial opportunities in the areas of genomics, rare cancers, brain cancer research and current and emerging clinical trials.
Negotiations have been underway since June 2018, 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.
This MoU demonstrates the Government’s commitment to supporting Australia’s world-class health system. It will provide economic opportunities and Australian patients could potentially be given earlier access to breakthrough medical technologies and treatment.
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.
The Australian Government is 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 establishment of 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.
Health and medical research is a key pillar supporting Australia’s world-class health system and is critical to improving healthcare and improving the health of our nation.