New Zealand medical research receives boost

Industry and Regional Development Minister Jim Anderton today announced that Wellington firm, P3 Research Ltd, will receive a grant to assist it in its efforts to win international contracts in the field of medical research.

The Sector Initiative Fund grant of $70,000 is to assist the training of staff in the field of clinical trials and will both boost the capability of P3 Research, and that of New Zealand, in this highly specialised area of medical research.

An important part of the grant is the objective of increasing the ability of New Zealand firms to win international medical research contracts.

GlaxoSmithKline and other international firms currently place early phase asthma and other respiratory clinical trials with P3 Research, where Dr Shaun Holt and MRINZ Professor Richard Beasley have world leading reputations.

The grant will allow P3 Research to build the critical mass and capability of skills to allow more early phase trials to be undertaken in New Zealand, the Progressive leader said.

“Broadening New Zealand’s clinical trials expertise is an important part of developing the pharmaceutical dimensions of the biotechnology sector in this country. The expertise gained by P3 Research will increase the overall capacity of New Zealand firms to bid for international contracts and will be a significant addition to the currently limited New Zealand capability in the field of early phase clinical trial procedures.

“The grant will also provide international pharmaceutical and biotechnology firms with further confirmation of the Government’s interest and support for biotechnology related development projects," Jim Anderton said.

The grant will pay part of the training costs for P3 Research personnel so as to build specific knowledge, skills and experience for the New Zealand staff.

The grant is another boost to efforts to develop New Zealand’s international profile and capabilities in the developing biotechnology sector.

Background

The Sector Initiative Fund aims to support industry-based projects that are consistent with government economic, social and environmental objectives but cannot be funded through other government programmes. A key element is that projects contribute to the implementation of sector strategies developed in partnership with industry through New Zealand Trade and Enterprise and the Ministry of Economic Development.

P3 Research Ltd. is 50% owned by Wakefield Hospital Limited.

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