Home > Federal Budget 2024-25: Key outcomes for Australian clinical trial sector

Federal Budget 2024-25: Key outcomes for Australian clinical trial sector

The Australian Federal Budget for 2024-25 has outlined significant funding and initiatives to support the health sector, with a strong focus on clinical trials and medical research.

Explore the key outcomes that will impact the clinical trial sector in Australia.

Research funding for chronic conditions

The Budget allocates $141.1 million for research and services targeting chronic conditions such as bowel and skin cancer, diabetes, and dementia. This funding aims to improve the quality of life for millions of Australians by advancing treatments and providing better support services for those living with chronic conditions.

Further investment in the Medical Research Future Fund (MRFF)

The MRFF aims to drive innovation in medical research, translating discoveries into practical treatments, and improving patient outcomes. The Budget commits a total of $6.4 billion over 13 years from 2024-25. The breakdown includes:

  • an additional $377.5 million to translate research outcomes into medical practice.
  • an additional $411.6 million to continue existing and new research missions for low-survival cancers and reducing health inequities.
  • an additional $329.6 million for patient-centred research, including clinical trials.
  • an additional $269.6 million to support medical researchers’ development and breakthrough discoveries.

These investments ensure Australia remains at the forefront of medical research, supporting cutting-edge studies and fostering the careers of emerging researchers.

Additional support for the National One Stop Shop for clinical trials

The Budget provides $18.8 million over two years from 2024-25 to develop the National One Stop Shop for clinical trials and human research. This initiative aims to streamline the management of clinical trials and human research, including cross-jurisdictional ethics approvals.

Enhancements to the Medicare Benefits Schedule (MBS)

Enhancing the MBS ensures that the healthcare system stays up to date with modern medical practices, improves diagnostic capabilities, and provides better care for patients. The budget allocates $895.6 million over four years from 2024-25, including:

  • $335.7 million for PCR pathology testing for COVID-19 and other respiratory pathogens.
  • $200.2 million to improve primary health care and clinical practice.

Expansion of programmes involving life-saving vaccines

Continued investment in vaccination programmes ensures widespread protection against serious diseases, reduces healthcare costs by preventing illnesses, and supports public health initiatives to maintain a healthy population. The budget allocates $631.1 million over four years from 2024-25, with $112.1 million per year ongoing.

Key programmes include:

  • $490.0 million for the National COVID-19 Vaccine Programme.
  • Expansion of eligibility for the Shingrix® vaccine.
  • $0.9 million for the expansion of the National Immunisation Program Vaccinations in Pharmacy Program.

Funding to support cheaper medicines

The Budget introduces measures to reduce out-of-pocket expenses for patients, ensuring more affordable access to essential medicines, particularly benefiting those on low incomes and with chronic conditions.

Key initiatives include:

  • up to an additional $3 billion in funding to finalise the new Eighth Community Pharmacy Agreement.
  • a one-year freeze on maximum PBS patient co-payments for everyone with a Medicare card and a five-year freeze for pensioners and concession cardholders, affecting 6 in 10 prescriptions in Australia.

Funding to reduce out-of-pocket costs for patients

The Budget allocates $480.2 million over five years from 2023-24 to make healthcare more affordable and accessible, particularly for vulnerable populations.

Key measures include:

  • $318.0 million for PBS co-payment adjustments under the Eighth Community Pharmacy Agreement.
  • Improving access to Pharmaceutical Benefits Scheme (PBS) subsidised medicines for First Nations people.

Access further information about the Australian Federal Budget 2024-25.


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INSIGHT

AUTHOR

Con Konstantopoulos, Akesa

Con Konstantopoulos

Co-Founder and Co-CEO

George Vlachos
Co-Founder and Co-CEO