Medical Research Futures Fund.

[tall_bearded]

Has anyone been able to work out how this fund is going to work, and in particular who has the intellectual property rights to research outcomes.

That is, if/when the research results in a product which is sold to the private sector for final development and product productiion (say a pharmaceutical company) who gets the money, is it the researcher/research facility or us vide general revenue.

[cherry*135]

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@catsnknots wrote:

The way it generally works is that any person, company, organisation  1. that gives financial support gets part of the proceeds. 

So this medical research fund that is going to be 2.  majority financed by the Super Fund (that Costello now heads) will get a lot of the financial rewards if a company hits it big. 

This is a fantastic way to keep some of the brightest minds and greatest ideas in the country. I really hope it works as it will open a whole new industry that can employ tens of thousands of people in the very long term. 

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Where did that info come from?

1.

Grants from the fund will be administered by the National Health and Medical Research Council, which has 25-year biotech veteran and CEO of Starpharma, Jackie Fairley, worried the government is neglecting commercialisation.

“They can’t forget the ‘D’ in ‘R&D’, otherwise we’ll just end up with a lot of exciting discoveries that offshore companies scoop up and make all the money from,” she says.

2. From the Budget speech:

Tonight, I announce the Government's commitment to build with your contributions, a $20 billion Medical Research Future Fund.

This fund will, within six years, be the biggest medical research endowment fund in the world.

Its funding of research will be in addition to existing levels of funding through the National Health and Medical Research Council.

The Medical Research Future Fund will receive all the savings from the introduction of a $7 Medicare co-contribution, modest changes to the Pharmaceutical Benefits Scheme and other responsible changes in this Health Budget, until the Fund reaches $20 billion

[freakiness]

I bet all those potential medical researchers wished we had the NBN to utilise in their research.

[boris1gary]

The Medical Research Future Fund will receive all the savings from the introduction of a $7 Medicare co-contribution, modest changes to the Pharmaceutical Benefits Scheme and other responsible changes in this Health Budget, until the Fund reaches $20 billion

Just got to love the above language not quite the same as what those on the frontline are saying.....

Unnecessary deaths, increased illness and a blowout in doctors' fees would be the outcome of the government’s proposal to introduce a GP co-payment, medical practitioners have said.

The Doctors' Reform Society of Australia has slammed the proposal as "a disaster which would increase illness and death” as a result of people putting off going to the doctor until too late.

“Australians will end up sicker and many will die for lack of basic affordable GP care if Medicare is lost,” said the society’s national president Con Costa.

He said the biggest beneficiaries to the further watering down of Medicare would be the two largest private health insurance funds, BUPA and Medibank Private, which cover almost 60 per cent of the market.

BUPA and Medibank Private are members of the Business Council of Australia, whose former head, Tony Shepherd, chaired the National Commission of Audit.

[donnashuggy]

[cherry*135]

I would still ilke to know if this if this statement is accurate re funding (Future Fund? Costello chairman)

So this medical research fund that is going to be majority financed by the Super Fund (that Costello now heads)

[cherry*135]

The Future Fund was established in 2006 to strengthen the financial position of the commonwealth and prepare for the challenges of an ageing of the population.

$96.56b 2013

[cherry*135]

Hmmm....

Medical Research Future Fund - This investment, to be managed by the Future Fund Board of Guardians, will help to ensure Australia can continue to advance world leading medical research projects, attract and retain first class researchers and deliver improved health and medical outcomes for all Australians.

http://www.budget.gov.au/2014-15/content/overview/html/overview_12.htm

[boris1gary]

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@am*3 wrote:

I would still ilke to know if this if this statement is accurate re funding (Future Fund? Costello chairman)

So this medical research fund that is going to be majority financed by the Super Fund (that Costello now heads)

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from the abc

It will be managed by the Future Fund board and pay annual dividends for medical research; $20 million initially, rising to $1 billion by 2023.

However, there is a catch - all money invested in the fund will come from "savings from health reforms in this and future budgets".

[boris1gary]

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@am*3 wrote:

Hmmm....

Medical Research Future Fund - This investment, to be managed by the Future Fund Board of Guardians, will help to ensure Australia can continue to advance world leading medical research projects, attract and retain first class researchers and deliver improved health and medical outcomes for all Australians.

http://www.budget.gov.au/2014-15/content/overview/html/overview_12.htm

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shouldn't that be - for all Australians who can afford it.

[i-need-a-martini]

I think you will find that it will follow the US system of medical research - privately sponsored by vested corporations.

So instead of developing first rate research via independent organisations such as the CSIRO,  our medical research will held to ransom by companies who will only issue it if they can make mega bucks in return.

We will find ourselves with an institution open to research fraud and holdbacks in pharmaceutical breakthroughs.