New Zealand has joined an Australian medical research fund at a cost of A$500,000 (NZ$539,260) a year.
Science and Innovation Minister Steven Joyce says membership gives New Zealand scientists access to the A$200 million (NZ$215m) Medical Research Commercialisation Fund (MRCF), which provides capital and hands-on expertise to support the development and commercialisation of promising bio-medical discoveries.
"This access will be hugely important in attracting high quality business investment into all parts of New Zealand," he said today.
"Since 2007 the MRCF has supported the development of 24 start-up companies, with some notable successes."
The $A200m cost of joining the fund is the same as Australian states pay.