While the ACMD proposal makes a significant and ongoing contribution to Victorian Government’s current Technology Plan for the Future – Biotechnology, it would also provide a strong platform for future policy development on next generation biomedical engineering industries.
Economic, financial and social benefits for the community are expected to arise through reduced health costs resulting from health outcomes delivered by the ACMD, further investment in Victoria by international grant funding bodies and multiplier effects associated with the creation of new industries.
The ACMD proposal aligns particularly strongly with the directions mapped out by the Commonwealth Government’s Strategic Review of Health and Medical Research in Australia (McKeon Review) – which argues the case for integrating and embedding medical research into clinical settings and decreasing ‘time-to-market’ for discoveries.
A cross-disciplinary, collaborative approach will facilitate better translation of research into commercial ventures and better equip us to tackle Australian National Health Priorities.
The ACMD will attract skilled workers to Victoria, increase education in the skilled areas of medicine and medical research, and will improve the reputation of Victoria and Australia as a medical research hub. It will bring prestige and recognition and increased opportunities for patents, publications and new products, knowledge creation and wealth creation.