A new facility where technology, research and medical science has been opened in Australia.
With a focus on accelerating the development of life-changing medicine, including medical devices, vaccines and cell therapies, the new ‘one stop shop’ will bring together the best minds with the best technology.
The facility, M2, has been created by CSIRO (Commonwealth Scientific and Industrial Research Organisation), Monash University and Monash Health Translation Precinct (MHTP).
Minister for Industry, Innovation and Science Senator Arthur Sinodinos, officially launched the M2 precinct at CSIRO’s new Biomedical Materials Translation Facility (BMTF) in Clayton, Victoria.
“From life-changing cochlear implants, to life-saving vaccines, world-first 3D printed bone and tissue replacements, Australia has an incredible track record when it comes to medical technologies and pharmaceuticals,” says Sinodinos.
“M2 will help to accelerate development of technology like this, not only vital for the improvement of the lives of Australians facing medial challenges, but also leading to job and economic growth for Australia.”
Australia is home to more than 500 companies working in the Medical Technologies and Pharmaceuticals (MTP) sector. Many of these are small and medium enterprises, which can struggle to make the expensive, time-consuming transition from prototype to clinically tested product.
Closing this gap for Australian businesses, M2 provides a research ecosystem to transition new discoveries from the bench to prototyping, pre-clinical testing, industry evaluation and commercialisation.
“M2 leverages some of Australia’s best medtech expertise, experience and equipment,” comments CSIRO director of manufacturing Dr Keith McLean.
“When a company comes to us we can use CSIRO and MHTP facilities to develop and analyse production scale prototypes, whilst the Monash Biomedical Imaging facility can provide advanced pre-clinical and clinical testing and imaging.”
Monash University provost and senior vice-president Professor Marc Parlange says this initiative will deliver real health benefits to all Australians as the nation’s healthcare spending is expected to almost double to 16% of GDP by 2040.
“Cheaper and more effective medical solutions are better for our health and Australia’s financial future.”