- Revised investment criteria and higher returns to boost Future Health Research and Innovation Fund
- Additional $84 million for medical research and innovation over the next four years
- Medical research and innovation will improve the health and wellbeing of Western Australians
The McGowan Government has announced that – following a review of the Future Health Research and Innovation (FHRI) Fund investment profile and returns – an additional $84 million will be available to support health, medical research, and innovation in Western Australia over the next four years.
Medical Research Minister Stephen Dawson said the FHRI Fund provides a secure source of funding to drive health and medical research, innovation, and commercialisation. These activities and outcomes will contribute towards improving the health and prosperity of everyone in WA.
The FHRI Fund is a sovereign wealth fund of more than $1.6 billion and is the cornerstone of health research in WA.
Over the next four years – from late 2022 or early 2023 – there will be an additional $84 million available through the FHRI Fund. These additional funds are the result of changes to the FHRI Fund’s investment mandate, and improved investment returns on the FHRI Fund’s capital.
Over the course of its first two years, $63.6 million has already been awarded to 364 recipients through FHRI Fund programs and initiatives.
For more details on the FHRI Fund and the programs currently available, visit https://fhrifund.health.wa.gov.au/.
As stated by Medical Research Minister Stephen Dawson:
“Western Australia continues to be a hub of opportunities for innovative health and medical research – that is drawing international respect and interest for future investment.
“This additional funding of $84 million will boost more local opportunities in this exciting and dynamic medical research and innovation sector.
“It will generate more investments already planned for the next four years. It will also contribute and support some of the State’s best minds to work towards better health outcomes for Western Australians.
“So far, the monies provided through this fund over its first two years has supported more than 360 grants, progressing projects such as the new Linear Clinical Research clinical trials facility recently opened in Joondalup. Other research focus areas include Aboriginal Health and supporting early and mid-career researchers.
“I look forward to seeing how this additional funding will positively influence the burgeoning growth of the health and medical research, and innovation sectors in WA – benefiting the health of Western Australians – and hopefully positively impacting communities beyond our borders.”
