The federal government’s $1.3 billion modern manufacturing fund is now open for medical products, with a focus on research translation and sovereignty.
The Modern Manufacturing Initiative is the centrepiece of the government’s $1.5 billion Modern Manufacturing Strategy, a key plank of the Coalition’s economic recovery plan from the COVID-19 pandemic.
It is targeted as six manufacturing priority areas: space, medical products, resources technology and critical minerals processing, food and beverage, recycling and clean energy and defence.
Last week Industry Minister Karen Andrews officially opened the fund, with the space sector the first able to apply.
The $1.3 billion Modern Manufacturing Initiative is now open for applications from the medical products sector, with the government also unveiling a roadmap for the sector.
Companies can now apply for the fund’s translation and integration streams, with applications for the larger collaboration stream to open in the coming months.
“This support will help us make more medical products right here at home – creating more skilled jobs for Australians and helping build a resilient and competitive manufacturing base at the heart of our economy,” Ms Andrews said.
“Through the Modern Manufacturing Initiative, we’re supporting more manufacturers to turn their clever ideas and research into commercial outcomes, and harness global opportunities.”
The specific areas of interest for the government, as outlined in the roadmap, include smart monitoring devices and diagnostics, personalised implants and bionics, high-value pharmaceuticals, biologics and complementary medicines, mRNA vaccines, genomics and digital integrated products and platforms.
The roadmap will be used to guide government and industry investment in the medical products space, Ms Andrews said.
“This dynamic, industry-led roadmap sets out the vision for the sector with a focus on high-value opportunities that will position medical products manufacturers for long-term growth,” she said.
“Australia’s response to the COVID-19 pandemic showed the remarkable capability and expertise that already exists within our medical products manufacturing sector, as well as our potential for future success. The Modern Manufacturing Initiative is focused on scaling-up that capability – both to create economic opportunity and to ensure the supply of critical products during times of crisis.”
Funding rounds and roadmaps for the remaining four areas of manufacturing priority are expected to be opened in the coming weeks.
The six areas of focus closely mirror the priorities of the government’s Industry Growth Centres program, which is funded until next year.
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