New alliance drives innovation in medical sector
The Australian Academy of Health and Medical Sciences (the Academy) has partnered with innovative financial services company, Findex, to discuss potential recommendations to the federal government’s Medical Research Future Fund.
The first annual Academy / Findex Symposium was held in Sydney on 29 April. Leaders in health and medical research came together to discuss allocation of priority research funding, and potential recommendations which the Academy will make.
Following the federal government’s renewed focus on innovation and research, the Medical Research Future Fund (MRFF) was created to provide a perpetual endowment fund that allocates $1 billion annually for priority driven medical research.
President of the Academy, Professor Ian Frazer AC, said the government’s focus on innovation, collaboration, and research translation was a key factor in the Academy’s decision to hold a joint forum with a financial services company.
“The Academy sees working with a financial services business as having the potential for new insights into this component of the health and medical research agenda.” Prof Frazer said.
Findex accounting and financial services professionals were on each table at the Symposium to provide their expert opinions about the business and commercial dimensions of the topics discussed.
“As a nation, we have to embrace priority driven health and medical research. The MRFF will be part of a paradigm shift and drawing upon the insights of a successful business advisory firm will help us get it right,” Prof Frazer said.
Mr Peter Gardiner, Findex Global Head of Business Development, agreed, suggesting “The old way of doing medical research was for government to fund research and for private enterprise to then seek to fund and promote the commercialisation of the work. But the business perspective needs to be part of the research process from day one. As a strong advocate of innovation in professional services, we at Findex see this partnership as an opportune fit, and we’re thrilled to unearth the potential it may bring.
“We are providing advice on such issues as risk and funding, and partnering. Most importantly, we inject a level of business experience and business acumen that is usually not present in the early stage of this form of endeavor.” Mr Gardiner said.
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