Menzies Research Institute Tasmania, an institute of the University of Tasmania, has welcomed the Federal Government's commitment to medical research in the 2014-15 Budget, which includes $1.1 billion for a new Medical Research Future Fund to grow to $20 billion by 2020.

Menzies Research Institute Tasmania, an institute of the University of Tasmania, has welcomed the Federal Government's commitment to medical research in the 2014-15 Budget, which includes $1.1 billion for a new Medical Research Future Fund to grow to $20 billion by 2020.

Medical research at Menzies focuses on addressing those diseases most prevalent in the Tasmanian community, including arthritis, cancer, dementia, diabetes, heart disease, mental health problems and multiple sclerosis.

"We can't keep the same approach to healthcare in the face of an ageing population and chronic disease. If new advances are not made, there will be increasing challenges to the provision of health care based on funding limitations," the director of Menzies, Professor Tom Marwick, said.

 "This new investment will see a return in the health of the Tasmanian community. Our population is older than the Australian average here and we have a higher incidence of many of the chronic diseases. It is vitally important to our community that we are able to build knowledge for prevention and intervention in these diseases.

"Every dollar invested in health and medical research returns on average $2.17 in health benefits, and even more in some areas, such as cardiovascular disease," Professor Marwick said.

Dividends from the fund, expected to be the largest of its type in the world, will be spent exclusively on medical research. Dividend payments to medical research will start in 2015-16. Professor Marwick said that because it was a perpetual fund, the Medical Research Future Fund provided much-needed certainty for the sector.

In addition to the new research fund, Professor Marwick 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.

Professor Marwick also welcomed the additional $14.9 million over four years to establish 10 new headspace sites and the establishment of National Centre of Excellence in Youth Mental Health.

To arrange an interview with Professor Marwick:

Miranda Harman
Communications Manager
Menzies Research Institute Tasmania
Ph: 03 6226-7751
0427 199 562
Miranda.harman@utas.edu.au

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