The QIMR Berghofer Medical Research Institute has welcomed the Federal Government’s commitment to a new $20 billion Medical Research Future Fund.
The 2014-15 Budget includes $1.1 billion for medical research to grow to $20 billion by 2020.
QIMR Berghofer Director, Professor Frank Gannon, said all Australians would benefit from the decision.
“This is an extraordinary investment in our health, and an emphatic declaration about the importance of medical research to Australia’s future health and prosperity,” Professor Gannon said.
“We are living in exciting times where medical research provides a real basis for hope for better outcomes for those that are suffering and their families.
“This commitment allows further and more rapid advancement for treatments, prevention measures and diagnosis in areas such as cancer, mental health and infectious diseases.”
“It is a landmark initiative in the history of medical research in Australia.”
The substantial increase in funding over time will provide much-needed certainty to the sector.
Professor Gannon also commended the maintenance of National Health and Medical Research Council (NHMRC) funding in the budget, the $200 million commitment over five years for dementia research, and the $10 million investment over five years to streamline clinical trials and NHMRC grants processes.
“While these budget commitments help future-proof medical research that will benefit every Australia, we still need the support of the community as this is what truly drives our work.”