Russell Matheson (Macarthur, Liberal Party) Share this | Link to this | Hansard source

Today I rise to speak on a leading research institute hosted by the University of Western Sydney in my electorate of Macarthur and the wonderful investment opportunities it has to offer Australia. I am speaking about Australia's National Institute of Complementary Medicine and its remarkable international reputation in the field of Chinese medicine. The Institute is hosted by the University of Western Sydney at its Campbelltown campus and is currently funded by the university, industry partners, philanthropy, and research grants and contracts. This institute's advanced research and policy work in the field of complementary medicine is translating contemporary research into better health outcomes for Australians, increasing high-quality manufacturing and farming opportunities, capturing international export prospects and delivering new knowledge based jobs for Australians.

Since the National Institute of Complementary Medicine's establishment in 2007 by our own Prime Minister, Tony Abbott, when he was Minister for Health and Ageing, its reputation as a world-class leader in its industry has well and truly flourished. The institute's national and international reputation for high-quality, high-impact research earned it the highest possible rating by the Commonwealth's external review mechanism, which signals research well above world standard. In particular, the institute is an international leader in Chinese medicine research, with more than 50 staff and research students performing world-class clinical trials, preclinical studies and research. Recently the institute has been working on gaining approval from the Australian Therapeutic Goods Administration for the first prescription drug in Chinese herbal medicine and is currently leading a phase 3 clinical trial in the treatment of vascular dementia.

Australia's reputation regarding Chinese medicine has been considerably recognised and embraced by the People's Republic of China. For many years the institute has conducted high-quality collaboration with its Chinese partners and has established close working relationships with many of China's leading pharmaceutical and herbal medicine companies, hospitals and universities. These relationships have opened up a range of investment and innovation prospects for Australia, and this trend is most likely to only get stronger in the future.

Strong government and industry support for Chinese medicine in the People's Republic of China is evident from its economic and policy prioritisation. As a leading global research entity and regulator of Chinese medicine, Australia's national institute is the key to unlocking this market potential in China. In addition to its scientific research, the institute's significant role in policy research has led to Australia being the first nation to regulate the practice of Chinese medicine, which has been highly regarded in the People's Republic of China. This regulation means that Australia has provided the Chinese herbal medicines industry an unrivalled regulatory framework through which clinical therapeutic claims can be accredited. As a result, Australia provides the best and most quality controlled access to Western markets.

The institute also has significant domestic investment and innovation opportunities. The complementary medicine industry is one of Australia's fastest growing industries. Two out of three Australians use complementary medicine, spending more on complementary products than on out-of-pocket pharmaceuticals. The government collects in excess of $200 million per annum in GST from sales of complementary medicines and/or services. As a result, the complementary medicines industry is worth $3.8 billion, with an annual growth rate of four to five per cent that will support nearly 40,000 jobs by 2018.

It is also important for me to highlight the benefit to Australians. More than 40 per cent of users take complementary medicines for chronic medical conditions where current treatments may be expensive, ineffective or have unwanted side effects. The Macarthur based institute also plays an important role in expanding opportunities for tertiary study in this growing industry. At the University of Western Sydney's Campbelltown campus, students can undertake bachelor and master courses in complementary medicine. The institute equips graduates to become nationally registered practitioners of traditional Chinese medicine and work within the healthcare system as independent primary care practitioners. UWS also offers postgraduate training to current traditional Chinese medicine practitioners to assist them to grow as specialists in their clinical practice. The Master of Health Science/Traditional Chinese Medicine course is the only one of its kind in Australia and is sought out by a wide variety of practitioners.

These facts tell us that the complementary medicine industry offers significant health, employment and domestic and international financial opportunities for the Australian government as well as the Australian people. I would like to both commend and congratulate Australia's National Institute of Complementary Medicine on their ongoing hard work in bringing these opportunities to fruition. I am sure they are definitely looking forward to the Medical Research Future Fund that we are about to establish. Thank you.