A bold and historic initiative for collaboration in innovation and trade between Australia and China was made possible through Monash University’s new and novel partnership with the Chinese government and commercial partners.
Research Institute launched in China
According to a recent press release, the Monash Technology Transformation Institute (MTTI) is a new not-for-profit research institute focused on research and development (R&D) activities located in the Pingshan District of Shenzhen, China.
MTTI represents the largest commercialisation partnership negotiated between an Australian University and China.
The Institute was launched by the Shenzhen Municipality and Pingshan District Governments, the University and their commercial partners.
The University President and Vice-Chancellor shared that the Monash Technology Transformation Institute is a compelling demonstration of the University furthering its ambitious agenda for global impact.
Boosting medical research
The University will be pre-selecting early stage IP for development at the Institute from among their researchers’ outstanding discoveries in medicine, medical devices, materials and engineering.
Victorian Minister for Jobs, Innovation and Trade Martin Pakula said that this is yet another example of Victoria taking its research expertise and ensuring it is commercialised and available globally.
The University is a leader not only in R&D but also in the way it makes sure its medical research benefits human health.
Selected projects will receive funds for proof-of-concept studies from MTTI’s generous 10-year budget of AU$ 100 million.
Commercialisation expertise within the Institute will drive IP to the investible stage in previously untapped Chinese and global markets to improve human and animal health and wellbeing.
According to the University Deputy Vice-Chancellor and Vice-President (Enterprise), the Institute will drive new products to market in these and other sectors including advanced technologies and bio-pharmaceuticals.
It will help improve human and animal health and well-being as well as meet the growing demand for advanced technologies in medical practice and medical devices in China and around the world.
He added, “Bringing the MTTI to fruition has taken courage by both Monash and our Chinese partners and I look forward to moving ahead with this bold program aimed at benefiting people’s health within China and globally.
Reaching a wider market
The Institute provides a unique opportunity for Monash University to identify IP projects that are unable to obtain funding from sources in Australia and/or have a significant China market.
According to the World IP Organisation (WIPO), Chinese companies led the world in patent applications in 2018, lodging 40% of all applications, or 1.38 million patent requests.
Additionally, Shenzhen files approximately half of all patent applications in China each year.
MTTI complements the company which Monash University has established jointly with the University of Melbourne.
The company focuses on therapeutic and drug development in Australia. The Institute will be available to the company as a potential channel for taking its projects into the Chinese market.
