Healthcare sector is one of the most vital ingredients of a country as the overall wellbeing of the entire population depends on it. The Australian Government has very well taken note of the same and has approved billions of dollars as support to those who are contributing to the healthcare industry. There are a number of grants, incentives, rebates and subsidies which can be claimed by eligible healthcare businesses.
Apart from the healthcare businesses, these grants may also be claimed by other qualified individuals like doctors, nurses, and other medical professionals who are able to contribute their knowledge and research skills for the betterment of the Australians.
NHMRC-National Institute for Health Research Collaborative Research Grants scheme
A grant of $3 million dollars has been allocated to support all those Australian businesses who are involved in research of specific topics. The funding is made available for a period of up to five years. Identified research topics include:
- Research and development related to vasomotor, its symptoms and cure
- Research and analysis of endometrioma among the females undergoing IVF
- Use of antidepressants to control emotionalism, especially after a stroke
- Research on how to manage the primary and sudden pneumothorax
- Study of shoulder replacement among elders (Conventional Vs Reverse) and patella dislocation
- Only shortlisted applications reviewed by NIHR are eligible
- Other applicants need to be identified as CIs by the NHRMC
- Total budget must be provided beforehand in the application
- Applicants must have successfully passed through NIHR HTA process
Another grant initiated by the Federal Government allows funding of up to $1 million to all those medical projects that have the intent of creating a positive atmosphere and impact on health related issues. The eligibility criteria include:
- having an ABN is a must
- Australian incorporation essential
- Must be a non-profit making organisation
A minimum fund of $250,000 and a maximum of $1 million is the amount that can be claimed. This grant covers 100% of the project costs and the time period is 1 year from the date of the agreement.
Medical Research Future Fund (MRFF) 10-year investment plan
As a part of 2019-20 budget, a grant of $5 billion was announced by the Australian Government to support life-saving research programs. It aims to boost the research and development skills among medical practitioners and help them come up with solutions for healthcare-related problems. It is basically a 10-year program.
MRFF (Medical Research Future Fund)
A number of funding options are available under the MRFF scheme. These include:
- Study and research of Childhood cancer, its causes and cure
- Preventive and Public Health: child, maternal activities, exercise and nutrition
- Medicines to the underprivileged and needy
- Study and maintenance of data pertaining to primary health care activities
- Research and development of solutions in the field of Cardiovascular and Genomics
- Research of stem cell therapy, old age care and trauma caused due to brain injury
The above mentioned are some of the major grants aimed at boosting the healthcare businesses that have faced an economical blockage due to the COVID-19 pandemic. For more information, please contact one of our advisors at the number mentioned below.