As part of the MTPConnect Project Fund Program, a programme involving a consortium of 15 pharmaceutical companies, universities and industry associations, has been awarded $540,000 of industry matched funding to deliver an exciting education program that will provide the necessary training to enable successful commercialisation of Australian pharmaceutical research.
A key barrier identified in MTPConnect’s draft Sector Competitiveness Plan, and addressed by the Bridge Program, is the lack of commercialization skills and business acumen across researchers and life science entrepreneurs. Across the innovation ecosystem, start-up businesses struggle to identify and employ managerial talent who possess the necessary business development skills. This is particularly true in Australia’s life science sector.
The Bridge Program aims to boost the commercial outputs of Australian pharmaceutical research, by improving the quality and quantity of commercial deals that arise from Australia’s pharmaceutical research sector.
Launching in June 2017, the program will select 100 participants annually from across Australia to take part in face-to-face and online training in the scientific, legal, financial, clinical, regulatory and reimbursement disciplines that contribute to research translation and the commercialisation of medicines.
Program participants will also benefit from direct exposure to networking opportunities with top pharmaceutical companies operating globally.
The Bridge Program is unique in its integration into venture capital and global pharmaceutical networks and its ability to share specific, detailed and practical know-how that will assist researchers and entrepreneurs to improve the quality and quantity of leads that they could offer for development, and to accelerate the process of commercialisation.
The Bridge Program is specifically set up as a national, sector-wide program that will benefit a large number of participants and their organisations, particularly those from the SME sector. The program will not only benefit trainees, it will also improve the planning and execution of research & development in their organisations, and the networking opportunities available to them. This will ultimately deliver more advanced and commercially viable leads, better deal opportunities, and higher returns from Australian research.
The Bridge Program will be convened and administred by Queensland University of Technology.