CSIRO has joined forces with Monash University and Monash Health Translation Precinct (MHTP) to launch a new facility that will accelerate Australia’s breakthroughs in life-changing medicine including medical devices, vaccines and cell therapies.
Combining technology, research and medical science, the new M2 facility will bring together the best minds to turn great ideas into a reality for Australia’s flourishing medtech industry and benefit millions of patients as a result of the breakthroughs expected.
Minister for Industry, Innovation and Science Senator Arthur Sinodinos, who officially launched the M2 precinct at CSIRO’s new Biomedical Materials Translation Facility (BMTF) in Clayton, Victoria, said the facility would fast-track the development of breakthrough technologies and help generate new jobs in the process.
“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,” Senator Sinodinos said.
“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.”
CSIRO Director of Manufacturing Dr Keith McLean said M2 would help companies that struggle to make the expensive, time consuming transition from prototype to clinically tested product.
“M2 leverages some of Australia’s best medtech expertise, experience and equipment,” Dr McLean said.
“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 said the facility would help Australia’s biomedical industry to tap into the growing MTP sector which is expected to be worth almost $3 trillion by 2025.
“Monash is determined to help build a new, globally competitive biomedical industry with our partners,” Professor Parlange said.
“This initiative will deliver real health benefits to all Australians. Our healthcare spending is expected to almost double to 16 per cent of GDP by 2040. Cheaper and more effective medical solutions are better for our health and Australia’s financial future.”