MoU heralds new research collaboration
An agreement signed between Australia and the Texas Medical Center (TMC) in the United States has opened the way for a new level of collaboration between world-class medical researchers from both countries.
The research agreement focuses on clinical trials and reaching high-level medical breakthroughs.
A Memorandum of Understanding (MoU) between the Federal Government and the renowned TMC was signed in Canberra late in October.
It will enable Australian medical researchers to better develop clinical practice and commercial opportunities in the areas of genomics, rare cancers, brain cancer research and current and emerging clinical trials.
Negotiations began in June this year, and Australia is now the first country to form such an agreement with TMC, home to the world’s largest children’s hospital and the world’s largest cancer hospital.
Health Minister Greg Hunt said the MoU demonstrates the Government’s commitment to supporting Australia’s world-class health system.
“It will provide economic opportunities and Australian patients could potentially be given earlier access to breakthrough medical technologies and treatment,” he said.
“Medical Research is currently a $1 billion industry in Australia and it is expected to triple in size, if not quadruple, in the next five years delivering huge economic outcomes, but more importantly lifesaving results.”