The Walter and Eliza Hall Institute welcomes and celebrates the Victorian Government’s budget announcement today to strengthen support for medical research and improve health outcomes for Victorian patients.
Victorian Treasurer Minister Pallas announced the first substantial increase to the state’s independent medical research institutes in over a decade. Further financial support of $8 million in the first year, growing annually, will help to drive Victoria’s independent medical research institutes. These organisations create high paying local jobs; advance technologies; develop the translation pathway; and contribute to discoveries that prevent, diagnose and treat disease.
An additional $1 million has been committed to developing the business case for a National Drug Discovery Centre at the Walter and Eliza Hall Institute, which will accelerate the translation of research into new drugs, in line with global trends in research translation.
Walter and Eliza Hall Institute director Professor Doug Hilton said the news was very encouraging for the future of health and medical research.
“Not only will Victorian Government investment in medical research help to improve the health of our communities, it will have positive and far-reaching impacts worldwide,” Professor Hilton said.
“Thank you to the Premier and Minister Hennessy for working with the medical research sector on these positive outcomes for health,” he said.
As the national leader in medical research, Victoria proudly boasts 14 world-leading independent medical research institutes. Our organisations provide about 4500 jobs, produce more than $500 million in annual revenue, and create $1 billion in annual economic impact. We are collectively globally renowned in key disease areas such as cancer, neurological diseases, infectious diseases, ageing, hearing and vision loss.
Walter and Eliza Hall Institute researchers have made discoveries that have helped tens of millions of people recover from cancer and have led to new treatments for cancer now available for patients in Australia and internationally. More than 100 clinical trials based on discoveries made at the Institute are underway. These include trials of vaccines for type 1 diabetes, coeliac disease and malaria, and trials of a new class of anti-cancer agents for treating patients with leukaemia.
Today’s announcement from the Victorian Government is a vital step that will ensure Victoria stays ahead of other states and can take full advantage of the Australian Government’s $20 billion Medical Research Future Fund.
We look forward to continuing to work with the Victorian Government to ensure Victoria remains Australia’s leader for medical research.
For more information contact the Institute’s media team:
Ph: +61 475 751 811