NOTICE UNDER SUBSECTION 19A(2) AND 20(3) OF THE INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986
Directions to Innovation Australia under sections 18A, 19 and 20(1) of the Industry Research and Development Act 1986
I, CHRISTOPHER PYNE, Minister for Industry, Innovation and Science, direct pursuant to sections 18A, 19 and 20(1) of the Industry Research and Development Act 1986:
Part 1: Preliminary
Commencement
- These directions commence on
Object of these directions
2. The object of these directions is to give direction to Innovation Australia to:
(a) provide Technical Assessments to the Minister in relation to the BTF Programme under section 18A of the Act, including, but not limited to, the merit ranking of Eligible Applications under the BTF Programme; and
(b) undertake the additional function under section 19 of the Act to administer the BTF Programme, including providing advice to the Minister in relation to the delivery and performance of the BTF Programme; and
(c) the policies and practices to be followed by Innovation Australia in the performance of the activities set out in paragraphs (a) and (b) in accordance with subsection 20(1) of the Act.
Interpretation
3. In these directions:
“Act” means the Industry Research and Development Act 1986 (Cth).
“Commonwealth” means the Commonwealth of Australia.
“Biomedical Discovery” means a therapeutic, medical or pharmaceutical product, process, service (including digital health services), technology or procedure that represents the application and commercialisation of the outcomes of health and medical research for the purpose of improving health and wellbeing through prevention, diagnosis and treatment. It does not include alternative or complementary medicine, or traditional medicine.
“BTF Programme” means the Biomedical Translation Fund Programme.
“Department” means the Department of the Minister responsible for administering the Act.
“Eligible Application” means an application for a Licence under the BTF Programme in a form required by the Programme Delegate from time to time, that is an application that the Programme Delegate has determined is eligible for competitive merit based Technical Assessment and ranking by Innovation Australia in accordance with the BTF Programme Guidelines.
“Fund Manager” means the successful applicant licensed under the BTF Programme
“Governing Documents” in relation to a Licensed Fund includes:
- the Licence with the Commonwealth
- the limited partnership deed, trust deed, constitution or other documents establishing the Licensed Fund, and
- any documents between the Licensed Fund, its Fund Manager and the investors (or any of them)
“Innovation Australia” means the body established by section 6 of the Act.
“Licence” means the Licence to be granted to a successful applicant in accordance with the Programme Guidelines.
“Licensed Fund” means a fund whose Fund Manager has been granted a Licence under the BTF Programme in respect of that fund.
“Minister” means the Minister that administers the Act.
“Programme Delegate” means an employee of the Department who has been empowered by the Minister, or is otherwise duly authorised, to carry out the Minister’s functions and powers in relation to the administration of the BTF Programme.
“Programme Guidelines” means the guidelines that are given by the Minister and the Minister for Health to the Department to provide a framework for the operation and administration of the BTF Programme, as in force from time to time.
“Technical Assessment” has the meaning given to it in section 4 of the Act.
Introduction
4. The Department of Health has policy responsibility for the BTF Programme and is working together with the Department of Industry, Innovation and Science to implement the policy of the BTF programme, The BTF Programme will help translate Biomedical Discoveries into high growth potential companies that are improving long term health benefits and national economic outcomes.
5. Innovation Australia has administrative responsibility for the BTF Programme, subject to the restrictions imposed by the Industry Research and Development Act 1986, in particular section 19A, on the functions that may be conferred on Innovation Australia.
6. Innovation Australia will conduct Technical Assessments in relation to Eligible Applications. The application process will be competitive, based on merit criteria and other information as identified under these directions and the Programme Guidelines.
7. The Programme Delegate will consider the advice of Innovation Australia and select private sector Fund Managers to whom a Licence will be offered and under the BTF Programme.
Additional functions
8. As set out in these directions, Innovation Australia will be responsible for the administration of the BTF Programme, subject to the restrictions imposed by the Act, in particular section 19A, on the functions that may be conferred on Innovation Australia.
Innovation Australia to have regard to policy objectives
9. Innovation Australia must have regard to the following policy objectives of the BTF Programme in giving effect to these directions:
- to invest in promising Biomedical Discoveries and assist in their commercialisation
- by addressing capital and management constraints, to encourage the development of companies which are commercialising Biomedical Discoveries.
Part 2: Technical Assessment of Eligible Applications
10. Innovation Australia will assess the technical merit of each Eligible Application referred by the Programme Delegate in accordance with the Programme Guidelines, and provide a merit ranking of those applications to the Programme Delegate. Eligible Applications will be assessed on a competitive basis relative to the merit of other Eligible Applications in a Licensing Round.
11. Innovation Australia must consider Eligible Applications as soon as practicable after those applications have been provided to Innovation Australia.
12. Innovation Australia may interview any applicant as part of the merit ranking process for Eligible Applications.
13. Innovation Australia and the Programme Delegate may request additional information from applicants after the lodgement of an Eligible Application in order to assist in assessing and ranking Eligible Applications.
14. Innovation Australia may decide to refuse to provide a merit ranking in respect of a particular Eligible Application if it is not satisfied with the level of merit of an Eligible Application in relation to one or more of the merit criteria.
Part 3: Other advice related to the administration of the BTF Programme
15. The Programme Delegate may make decisions in relation to the administration of the BTF Programme. When making such decisions the Programme Delegate may seek the advice of Innovation Australia.
16. The Programme Delegate may make policies of general application in relation to the administration of the BTF Programme. When making such policies the Programme Delegate will seek the advice of Innovation Australia.
17. The Programme Delegate will seek the advice of Innovation Australia on the following matters:
(a) changes to the structure of a Licensed Fund;
(b) the application of sanctions against a Fund Manager or investor;
(c) the suspension of funding in relation to a Licensed Fund;
(d) the termination of a Licence; and
(e) any matters that, in the Programme Delegate’s opinion, relate to a Licensed Fund achieving the policy objectives of the BTF Programme.
18. In making a decision on whether to vary any provision of the Governing Documents, the Programme Delegate may seek the advice of Innovation Australia and may seek the advice of other third parties.
Part 4: Innovation Australia to provide advice on policies and operations of the BTF Programme
19. Innovation Australia may advise the Minister, on non-financial administration matters relating to the BTF Programme, including programme administration and the extent to which the BTF Programme is meeting its objectives.
20. Innovation Australia may collect and analyse data on the performance of the BTF Programme, provide advice to the Minister on such performance, and will cooperate with any independent evaluation of the BTF Programme.
CHRISTOPHER PYNE
_______________________________
The Hon Christopher Pyne
Minister for Industry, Innovation and Science
Dated: 2 May 2016