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Australian government unveils public-private partnership
October 2013
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CANBERRA, Australia—Australia's Prime Minister Kevin Rudd has announced the formation of the Medical Research Innovation Fund, which will provide $250 million for the purpose of advancing research projects into better treatments. The bulk of the funding is slated to go toward regenerative medicine projects, as Rudd called regenerative medicine, biologics and genomics "the next frontier for medicine." The Australian government will provide half of the funds, with the other half to come from private sources. The formation of the fund was inspired by the McKeon Review of Health and Medical Research.  
 
"Venture capital for the biological sciences virtually dried up following the global financial crisis," said Research Australia Managing Director Elizabeth Foley. "The Medical Research Innovation Fund is the type of capital injection needed to attract private sector venture capital."

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