ABSTRACT
On April 3rd, 2012, Ian Chubb, Australia's Chief Scientist and former Vice-Chancellor of the Australian National University, delivered the keynote speech at a summit of the Biomelbourne Network, a meeting of the country's most prominent biotechnology leaders and investors. During the summit's serendipitously named, “Biobreakfast,” Chubb addressed an important new area in biomedical research called translational medicine. The keynote responded to two questions: First, should Australia jump on the global trend towards translational research; and, second, could it afford to do so? Chubb, only a year into his policy role as Chief Scientist, argued that Australia indeed needed to refocus its scientific efforts towards “translational research.” He cited a multitude of reasons, including the need to develop new medicines for the world's sick and the importance of translational research for Australia's competitiveness. However, he also framed the need for translational research using an economic rationale:
Funding research is all about return on investment. By funding basic research, we have seen that there is usually little return, certainly very little immediate return. Basic research is rarely developed in a practical way for doctors, hospitals or pharmaceutical companies…But if we invest in translational research, the wealth of knowledge available will be amplified since it all of a sudden has clinical applications.
(Chub 2012, p. 2)