[Music] if you ask most people what Australia is
if you ask most people what Australia is
if you ask most people what Australia is good at the answer that they will come
good at the answer that they will come
good at the answer that they will come up with is sport and most people will be
up with is sport and most people will be
up with is sport and most people will be able to tell you who several Australian
able to tell you who several Australian
able to tell you who several Australian sporting heroes are that’s true but
sporting heroes are that’s true but
sporting heroes are that’s true but we’re also really good at medical
we’re also really good at medical
we’re also really good at medical research and fewer people know about
research and fewer people know about
research and fewer people know about that so I’m going to talk to you today
that so I’m going to talk to you today
that so I’m going to talk to you today about three medical research heroes and
about three medical research heroes and
about three medical research heroes and their stories we’re really good at
their stories we’re really good at
their stories we’re really good at medical research in Australia and the
medical research in Australia and the
medical research in Australia and the government at different levels spends
government at different levels spends
government at different levels spends about five billion dollars which is
about five billion dollars which is
about five billion dollars which is about two hundred and twenty five
about two hundred and twenty five
about two hundred and twenty five dollars for every Australian on medical
dollars for every Australian on medical
dollars for every Australian on medical research and this is some of the results
research and this is some of the results
research and this is some of the results so if we take scientific output divided
so if we take scientific output divided
so if we take scientific output divided by GDP the size of the economy
by GDP the size of the economy
by GDP the size of the economy Australia is actually second-best in the
Australia is actually second-best in the
Australia is actually second-best in the world which is a pretty outstanding
world which is a pretty outstanding
world which is a pretty outstanding result so we’re really good at that and
result so we’re really good at that and
result so we’re really good at that and the interesting thing is what what do we
the interesting thing is what what do we
the interesting thing is what what do we do with that what’s the product that we
do with that what’s the product that we
do with that what’s the product that we can get out of that it’s interesting to
can get out of that it’s interesting to
can get out of that it’s interesting to look at Massachusetts where I went on my
look at Massachusetts where I went on my
look at Massachusetts where I went on my Fulbright fellowship and with seven
Fulbright fellowship and with seven
Fulbright fellowship and with seven million people and 2.4 billion dollars
million people and 2.4 billion dollars
million people and 2.4 billion dollars of government research funding excellent
of government research funding excellent
of government research funding excellent universities excellent hospitals what
universities excellent hospitals what
universities excellent hospitals what have they created so the economist
have they created so the economist
have they created so the economist describes Massachusetts as the
describes Massachusetts as the
describes Massachusetts as the preeminent biotechnology hub in the
preeminent biotechnology hub in the
preeminent biotechnology hub in the world that 2.4 billion dollars of
world that 2.4 billion dollars of
world that 2.4 billion dollars of government funding has generated 80,000
government funding has generated 80,000
government funding has generated 80,000 jobs on an ongoing basis and lots of
jobs on an ongoing basis and lots of
jobs on an ongoing basis and lots of money flows in there were 13 Nasdaq Ivy
money flows in there were 13 Nasdaq Ivy
money flows in there were 13 Nasdaq Ivy always lost you billions of dollars of
always lost you billions of dollars of
always lost you billions of dollars of venture capital funding and public
venture capital funding and public
venture capital funding and public company funding and on their health side
company funding and on their health side
company funding and on their health side 445 new medical products in development
445 new medical products in development
445 new medical products in development in clinical trials and the FDA approves
in clinical trials and the FDA approves
in clinical trials and the FDA approves between 20 and 40 new drugs every year
between 20 and 40 new drugs every year
between 20 and 40 new drugs every year eight of the drugs in 2016 came out of
eight of the drugs in 2016 came out of
eight of the drugs in 2016 came out of Massachusetts so that’s an incredible
Massachusetts so that’s an incredible
Massachusetts so that’s an incredible global health impact so I am a venture
global health impact so I am a venture
global health impact so I am a venture capital investor just focused on life
capital investor just focused on life
capital investor just focused on life sciences and over
sciences and over
sciences and over Australian life sciences and over the
Australian life sciences and over the
Australian life sciences and over the last 20 years I’ve looked at thousands
last 20 years I’ve looked at thousands
last 20 years I’ve looked at thousands of Australian life science companies and
of Australian life science companies and
of Australian life science companies and we’ve got a lot of things right here so
we’ve got a lot of things right here so
we’ve got a lot of things right here so our researchers are good they’ve been
our researchers are good they’ve been
our researchers are good they’ve been good for a long time we’ve been doing
good for a long time we’ve been doing
good for a long time we’ve been doing medical research in this country for a
medical research in this country for a
medical research in this country for a hundred years there so there have been
hundred years there so there have been
hundred years there so there have been generations of excellent medical
generations of excellent medical
generations of excellent medical researchers five Nobel prizes in
researchers five Nobel prizes in
researchers five Nobel prizes in medicine and then the hospitals are
medicine and then the hospitals are
medicine and then the hospitals are really good the doctors are really good
really good the doctors are really good
really good the doctors are really good these incredible facilities where we are
these incredible facilities where we are
these incredible facilities where we are meeting today are an example of the sort
meeting today are an example of the sort
meeting today are an example of the sort of infrastructure that’s available to
of infrastructure that’s available to
of infrastructure that’s available to develop our medical research our
develop our medical research our
develop our medical research our regulator is a very favorable regulator
regulator is a very favorable regulator
regulator is a very favorable regulator very helpful to getting new products
very helpful to getting new products
very helpful to getting new products into patients and trying them so we have
into patients and trying them so we have
into patients and trying them so we have a thousand clinical trials done every
a thousand clinical trials done every
a thousand clinical trials done every year in Australia a lot of those
year in Australia a lot of those
year in Australia a lot of those clinical trials are actually of drugs
clinical trials are actually of drugs
clinical trials are actually of drugs that were developed elsewhere but we
that were developed elsewhere but we
that were developed elsewhere but we have the ability to do that and our tech
have the ability to do that and our tech
have the ability to do that and our tech system out our government also provides
system out our government also provides
system out our government also provides a lot of support with tax incentives to
a lot of support with tax incentives to
a lot of support with tax incentives to do R&D including clinical trials so most
do R&D including clinical trials so most
do R&D including clinical trials so most of the piece pieces are in place to have
of the piece pieces are in place to have
of the piece pieces are in place to have a thriving biotech industry there are
a thriving biotech industry there are
a thriving biotech industry there are 470 companies which is not bad but
470 companies which is not bad but
470 companies which is not bad but somehow we haven’t know that we’re not
somehow we haven’t know that we’re not
somehow we haven’t know that we’re not Massachusetts even though a lot of the
Massachusetts even though a lot of the
Massachusetts even though a lot of the pieces are in place and I think the
pieces are in place and I think the
pieces are in place and I think the place that it breaks down the bottleneck
place that it breaks down the bottleneck
place that it breaks down the bottleneck is right at the beginning getting the
is right at the beginning getting the
is right at the beginning getting the research out of the universities and
research out of the universities and
research out of the universities and medical research institutes and into the
medical research institutes and into the
medical research institutes and into the clinic so lost in translation patents
clinic so lost in translation patents
clinic so lost in translation patents issued per hundred million in research
issued per hundred million in research
issued per hundred million in research again Australia’s the red bar we’re
again Australia’s the red bar we’re
again Australia’s the red bar we’re horrible at that we don’t do nearly as
horrible at that we don’t do nearly as
horrible at that we don’t do nearly as much patenting as the US Great Britain
much patenting as the US Great Britain
much patenting as the US Great Britain and Canada for our research expenditure
and Canada for our research expenditure
and Canada for our research expenditure and spending companies out startup
and spending companies out startup
and spending companies out startup companies per hundred million dollars of
companies per hundred million dollars of
companies per hundred million dollars of research expenditure also pretty
research expenditure also pretty
research expenditure also pretty ordinary frankly so the reason for that
ordinary frankly so the reason for that
ordinary frankly so the reason for that I think is twofold one is that the
I think is twofold one is that the
I think is twofold one is that the incentives are not right and secondly
incentives are not right and secondly
incentives are not right and secondly that the culture is not quite right
that the culture is not quite right
that the culture is not quite right so if
so if
so if to our medical researcher the most
to our medical researcher the most
to our medical researcher the most prestigious source of research funding
prestigious source of research funding
prestigious source of research funding in this country is the National Health
in this country is the National Health
in this country is the National Health and Medical Research Council last year
and Medical Research Council last year
and Medical Research Council last year they made eight hundred and twenty
they made eight hundred and twenty
they made eight hundred and twenty million dollars of grants and this is a
million dollars of grants and this is a
million dollars of grants and this is a bar chart which shows you where that
bar chart which shows you where that
bar chart which shows you where that went
went
went so the red bar is Medical Research which
so the red bar is Medical Research which
so the red bar is Medical Research which is directed at patient outcomes and it’s
is directed at patient outcomes and it’s
is directed at patient outcomes and it’s tiny it’s 30 million dollars and the
tiny it’s 30 million dollars and the
tiny it’s 30 million dollars and the yellow over are 15 million dollars is
yellow over are 15 million dollars is
yellow over are 15 million dollars is what is research that is directed
what is research that is directed
what is research that is directed towards commercial outcomes so if you
towards commercial outcomes so if you
towards commercial outcomes so if you are a medical researcher and you want to
are a medical researcher and you want to
are a medical researcher and you want to get ahead are you going to focus on
get ahead are you going to focus on
get ahead are you going to focus on those tiny little bits at the top are
those tiny little bits at the top are
those tiny little bits at the top are you going to go for the part of Medical
you going to go for the part of Medical
you going to go for the part of Medical Research which really rewards you for
Research which really rewards you for
Research which really rewards you for publishing papers if you are a doctor
publishing papers if you are a doctor
publishing papers if you are a doctor you are funded for treating patients and
you are funded for treating patients and
you are funded for treating patients and not for doing medical research so the
not for doing medical research so the
not for doing medical research so the funding system doesn’t really push us
funding system doesn’t really push us
funding system doesn’t really push us towards having an industry and health
towards having an industry and health
towards having an industry and health outcomes as it might do so that’s an
outcomes as it might do so that’s an
outcomes as it might do so that’s an opportunity for government and there’s
opportunity for government and there’s
opportunity for government and there’s an also an opportunity for citizens
an also an opportunity for citizens
an also an opportunity for citizens which is that we should celebrate the
which is that we should celebrate the
which is that we should celebrate the people who do do it well who get the
people who do do it well who get the
people who do do it well who get the products out of the research institutes
products out of the research institutes
products out of the research institutes out of the universities and into
out of the universities and into
out of the universities and into patients changing health outcomes and
patients changing health outcomes and
patients changing health outcomes and into developing an industry
into developing an industry
into developing an industry Priscilla Kincaid Smith is my first
Priscilla Kincaid Smith is my first
Priscilla Kincaid Smith is my first Australian medical research hero she was
Australian medical research hero she was
Australian medical research hero she was the first woman professor at the
the first woman professor at the
the first woman professor at the University of Melbourne and I don’t know
University of Melbourne and I don’t know
University of Melbourne and I don’t know if you are familiar with the expression
if you are familiar with the expression
if you are familiar with the expression but last century if you were feeling
but last century if you were feeling
but last century if you were feeling stressed Beck’s was marketed to you with
stressed Beck’s was marketed to you with
stressed Beck’s was marketed to you with the banner feeling stressed have a cup
the banner feeling stressed have a cup
the banner feeling stressed have a cup of tea a Becks and a lie-down and it
of tea a Becks and a lie-down and it
of tea a Becks and a lie-down and it became a bit of a joke my husband says
became a bit of a joke my husband says
became a bit of a joke my husband says it to me when I’m a little bit stressed
it to me when I’m a little bit stressed
it to me when I’m a little bit stressed Priscilla Kincaid Smith worked out that
Priscilla Kincaid Smith worked out that
Priscilla Kincaid Smith worked out that following that advice was poisoning
following that advice was poisoning
following that advice was poisoning irreversibly poisoning your kidneys as a
irreversibly poisoning your kidneys as a
irreversibly poisoning your kidneys as a one of the ingredients in Beck’s fern
one of the ingredients in Beck’s fern
one of the ingredients in Beck’s fern aciton was actually destroying your
aciton was actually destroying your
aciton was actually destroying your kidneys so she worked it out that’s the
kidneys so she worked it out that’s the
kidneys so she worked it out that’s the medical research piece pretty good
medical research piece pretty good
medical research piece pretty good deduction but she then went to
deduction but she then went to
deduction but she then went to to lobby government tirelessly until Bex
to lobby government tirelessly until Bex
to lobby government tirelessly until Bex was banned and painkillers the use of
was banned and painkillers the use of
was banned and painkillers the use of painkillers was reduced and as a result
painkillers was reduced and as a result
painkillers was reduced and as a result of that work the translation work we
of that work the translation work we
of that work the translation work we have not got an epidemic of people with
have not got an epidemic of people with
have not got an epidemic of people with kidney damage on dialysis
kidney damage on dialysis
kidney damage on dialysis my next medical research hero is Marie
my next medical research hero is Marie
my next medical research hero is Marie Smith also not a relative of mine also a
Smith also not a relative of mine also a
Smith also not a relative of mine also a Smith and her innovation was to discover
Smith and her innovation was to discover
Smith and her innovation was to discover a drug for neuropathic pain the way
a drug for neuropathic pain the way
a drug for neuropathic pain the way Marie describes in Europe a sick pain is
Marie describes in Europe a sick pain is
Marie describes in Europe a sick pain is the incredible intense pain of a
the incredible intense pain of a
the incredible intense pain of a toothache but in your leg with no
toothache but in your leg with no
toothache but in your leg with no apparent cause so its nerve pain and
apparent cause so its nerve pain and
apparent cause so its nerve pain and Marida developed this drug spun it out
Marida developed this drug spun it out
Marida developed this drug spun it out from the University of Queensland into a
from the University of Queensland into a
from the University of Queensland into a company called spinifex which my firm
company called spinifex which my firm
company called spinifex which my firm invested in and in 2015 that company was
invested in and in 2015 that company was
invested in and in 2015 that company was sold as one of the biggest exits from
sold as one of the biggest exits from
sold as one of the biggest exits from the venture capital industry that
the venture capital industry that
the venture capital industry that australia has ever seen thereby creating
australia has ever seen thereby creating
australia has ever seen thereby creating a path to show that you can make money
a path to show that you can make money
a path to show that you can make money and it’s a smart investment to invest in
and it’s a smart investment to invest in
and it’s a smart investment to invest in translating medical research and murray
translating medical research and murray
translating medical research and murray believes that you shouldn’t do medical
believes that you shouldn’t do medical
believes that you shouldn’t do medical research unless you are going to
research unless you are going to
research unless you are going to translate it into medicines for patients
translate it into medicines for patients
translate it into medicines for patients and make a difference in the world
and make a difference in the world
and make a difference in the world third medical history medical hero
third medical history medical hero
third medical history medical hero excuse me is Sandra Anderson who had the
excuse me is Sandra Anderson who had the
excuse me is Sandra Anderson who had the insight that if you take mannitol and
insight that if you take mannitol and
insight that if you take mannitol and naturally occurring sugar turn it into
naturally occurring sugar turn it into
naturally occurring sugar turn it into tiny tiny little particles that you can
tiny tiny little particles that you can
tiny tiny little particles that you can breathe deep into your lungs you have a
breathe deep into your lungs you have a
breathe deep into your lungs you have a tool which you can use to diagnose
tool which you can use to diagnose
tool which you can use to diagnose asthma optimize treatment of asthma and
asthma optimize treatment of asthma and
asthma optimize treatment of asthma and treat lung diseases like cystic fibrosis
treat lung diseases like cystic fibrosis
treat lung diseases like cystic fibrosis enabling you to bring the mucus out of
enabling you to bring the mucus out of
enabling you to bring the mucus out of your lungs
your lungs
your lungs Sandra licensed that work to a company
Sandra licensed that work to a company
Sandra licensed that work to a company called farm axis which is now
called farm axis which is now
called farm axis which is now manufacturing that product in Australia
manufacturing that product in Australia
manufacturing that product in Australia exporting it around the world and that
exporting it around the world and that
exporting it around the world and that drug is treating patients around the
drug is treating patients around the
drug is treating patients around the world with lung conditions Sandra was
world with lung conditions Sandra was
world with lung conditions Sandra was motivated to bring people together from
motivated to bring people together from
motivated to bring people together from a lot of different disciplines make the
a lot of different disciplines make the
a lot of different disciplines make the tiny particles of mannitol hand filled
tiny particles of mannitol hand filled
tiny particles of mannitol hand filled them into capsules and work with
them into capsules and work with
them into capsules and work with patients
patients
patients see if the product worked and it did
see if the product worked and it did
see if the product worked and it did those three medical research heroes
those three medical research heroes
those three medical research heroes should be household names
should be household names
should be household names Priscilla Kincaid Smith Marie Smith
Priscilla Kincaid Smith Marie Smith
Priscilla Kincaid Smith Marie Smith Sandra Anderson you can remember them
Sandra Anderson you can remember them
Sandra Anderson you can remember them you can go and tell people about them
you can go and tell people about them
you can go and tell people about them and if we celebrate our heroes of
and if we celebrate our heroes of
and if we celebrate our heroes of medical research we can change medical
medical research we can change medical
medical research we can change medical research culture in Australia and get
research culture in Australia and get
research culture in Australia and get the industry and the health outcomes
the industry and the health outcomes
the industry and the health outcomes that we should five billion dollars of
that we should five billion dollars of
that we should five billion dollars of investment and the incredible legacy
investment and the incredible legacy
investment and the incredible legacy that we have is too good to waste
that we have is too good to waste
that we have is too good to waste [Applause]
”
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