The Coalition condemns the Albanese Labor Government for cutting an important multi-million-dollar initiative from the Medical Research Future Fund (MRFF), potentially denying patients access to lifesaving medical breakthroughs.
The former Coalition Government invested $32 million to set up the Research Exchange and Development with Industry (REDI) through the MRFF to boost Australia’s success in turning innovative health and medical research ideas into commercial reality.
The Initiative has been described by Australian Biotech company CSL as delivering “significant value”, as it builds capacity amongst our researchers and institutes to commercialise breakthrough Australian research.
The Association of Australian Medical Research Institutes, in its 2024 Pre-Budget Submission, also strongly recommended the reintroduction of the REDI initiative to “address the skills shortage” in Australia and “boost our onshore capacity…”
By ignoring calls from the sector to reinstate this critical funding, Labor has undermined medical research and health innovation in Australia.
Shadow Minister for Health, Senator Anne Ruston said that many significant health innovations in Australia have been made possible by the Medical Research Future Fund, a fund which was established by Peter Dutton as Health Minister in 2015.
“This fund has helped deliver lifesaving advancements like better medicines for rare diseases, improved mental health care, research to fight MND, and even the first titanium heart,” Shadow Minister Ruston said.
“It was because of good economic management that Peter Dutton was able to establish this fund and invest in health and medical research for the benefit of Australian patients.
“The Albanese Government’s decision to cut the REDI initiative out of the Fund is a slap in the face for the future of innovative healthcare in Australia and the patients who depend on it.
“This is another disappointing cost-saving measure by Labor at the expense of future healthcare advancements.
The Albanese Labor Government has failed to continue the Coalition’s strong investment into Australia’s medical research sector. In doing so, they are failing to ensure patients have access to potentially life-saving new health innovations.
The Coalition has consistently advanced Australians' access to the latest health technologies and treatments, and we will continue to do so.
ENDS
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