Bupa has combined with other investors to commit a total of $53 million to support the commercialisation of research at The George Institute for Global Health.
Bupa confirmed it is investing $18 million in George Health Enterprises, the commercial arm of The George Institute for Global Health.
The insurer's investment will combine with $15 million from Federation Asset Management to accelerate the development of an innovative drug and technology pipeline. The pipeline is a product of The George Institute’s research program.
Bupa’s managing director of Health Insurance, Dr Dwayne Crombie, said the investment was not a health insurance-related decision but rather a commitment to innovative new models of care for better health outcomes.
“Our purpose at Bupa is to help people live longer, healthier, happier lives,” said Dr Crombie.
“This investment will make a real difference to the healthcare outcomes for millions of people, both in Australia and around the world and is another way we can bring that purpose to life.
“It’s an opportunity to support innovative thinking in the health sector which will ultimately improve medication compliance and availability for people with heart disease or high blood pressure,” added Dr Crombie.
George Medicines will also receive $20 million from the Government-backed Medical Research Commercialisation Fund Biomedical Translation Fund (MRCF BTF), matched by George Health Enterprises, that will see a $40 million financial boost to the development and commercialisation of several investigative drug treatments.
“In the twenty-first year since we established The Institute in Sydney, we’re excited to now embark on a new chapter of innovation and impact, taking our world-leading research - much of which has been supported by Australia’s National Health and Medical Research Council – and stepping up the commercial development of products targeting diseases that kill most people prematurely – not only in Australia but in most countries worldwide,” said Professor Stephen MacMahon, Co-Founder and Principal Director of The George Institute.
According to Staph Leavenworth Bakali, CEO and President of George Health Enterprises, “We’re delighted that such a strong group of investors share our impact vision and are putting their money where it will make a difference to the health of millions of people, as well as delivering globally competitive financial returns.”
“George Medicines has a real and tantalising potential to revolutionise the ease of use, accessibility and affordability of medicines for cardiovascular and metabolic disease, in both the developed and developing worlds,” says Dr Ingmar Wahlqvist, Director at George Medicines and Senior Investment Manager at Brandon Capital.