ANDHealth has welcomed the 2024 Federal Budget’s ongoing commitment to health and medical research and connected health infrastructure with $1.4 billion over 13 years in new health and medical research through the Medical Research Future Fund, including an additional $411.6 million for low survival cancers and reducing health inequities, further investment into the Australian Digital Health Agency and small increases in funding for the NHMRC.
ANDHealth CEO, Bronwyn Le Grice commented, “The recent announcements of the two new Missions for the MRFF and the commitment to continuing MRFF funding over forward estimates, alongside minor increases to the NHMRC, are critical to allow our internationally competitive health and medical research sector to thrive and generate the health technologies of the future.”
“From a digital health perspective, there is an enormous opportunity for Australia in bringing together our world-leading health and medical researchers with our emerging global capabilities in technologies such as AI, quantum, sensor technologies and high-value software development,” Ms Le Grice said.
While ANDHealth notes there is very little in the way of new health innovation funding or direct measures to support technology-led SMEs following prior years’ Industry Growth Program (IGP) and National Reconstruction Fund announcements, it remains hopeful that the IGP and National Reconstruction Fund (NRF) will direct investment not just directly into SMEs but also into proven organisations which deliver pools of specialised commercialisation capability to key priority areas, to ensure that direct investments are highly informed and capital efficient.