Future Health Research and Innovation

What Future Health Research and Innovation does

Future Health Research and Innovation Fund (FHRI Fund) is a Western Australian Government sovereign-wealth-fund-backed grant-making entity established under the Future Health Research and Innovation Fund Act 2012, with the Act commencing on 24 June 2020. It was created by repurposing the $1.4 billion WA Future Fund, whose capital is preserved in perpetuity with only annual investment income drawn to fund health and medical research, innovation, and commercialisation in Western Australia. The fund has disbursed over $282 million to 810+ recipients since 2020 and grown into a $1.8 billion long-term investment framework, with approximately $292 million committed over the next four years under the FHRI Fund Strategy 2025-30.

The FHRI Fund operates a portfolio of more than 20 funding programs administered by the Office of Medical Research and Innovation (OMRI) within the WA Department of Health. Core programs include the flagship Spotlight Program (up to $25 million over 5 years per initiative), Innovation Seed Fund ($250,000 to $1.5 million), Innovation Fellowships, Distinguished Fellows, Visiting Fellows, Research Fellows, the WA Near-Miss Awards (WANMA), the WA Cohort Studies Operational Support Program, Major Research and Innovation Application Support, the Clinician Researcher Training Program, the Co-Funding Partnerships Program, and innovation challenges targeting Generative AI, Digital Health, and Sustainable Health Priorities. Funded areas span digital health, AI-powered diagnostics, biomedical imaging, precision health, genomics/proteomics, advanced therapeutics, and biomedical manufacturing.

The fund's go-to-market model is event-driven and ecosystem-based: periodic Open Days are held across Perth, Geraldton, Bunbury, Albany, and Joondalup to announce programs, showcase recipients, and engage the WA research and innovation ecosystem. Applications are submitted online and adjudicated through peer-review panels, with funding decisions overseen by the FHRI Fund Advisory Council chaired by John Van Der Wielen. The fund receives annual credits of 1% of state royalty income to its capital, and investment income is transferred annually to the FHRI Account for disbursement. Customer segments include WA health researchers, innovators and start-ups, clinical practitioners, consumers and community members, and research institutions — with strategic co-funding partnerships with Cancer Council WA, BrightSpark Foundation, Stan Perron Charitable Foundation, ANDHealth, MTPConnect, and the Aboriginal Health Council of Western Australia.

Name

Future Health Research and Innovation

Legal name

Future Health Research and Innovation Fund

Website

https://fhrifund.health.wa.gov.au

Company type

Private

Founded year

2020

Operating status

Operating

Short description

The Future Health Research and Innovation Fund is a Western Australian government grant-making body, backed by a $1.4 billion sovereign wealth fund, that disburses competitive grants and fellowships to support health and medical research, innovation, and commercialisation across Western Australia.

Ownership category

akta.pro rank

Product category

Government Health Research Funding

NAICS

Grantmaking Foundations (813211), Voluntary Health Organizations (813212), Grantmaking and Giving Services (81321)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Public Health Financing, Budgeting & Grants Management (HLAJAMAC)

akta.pro secondary industries

Health & Medical Research Grantmaking Foundations (BPAGAKAL), Grantmaking & Philanthropic Funds (Institutional Donors) (BPADAOAB)

Keywords

• Health research funding
• Medical innovation grants
• Biomedical commercialisation
• Research fellowships
• Clinical trials support

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Government Appropriation / Royalty Income: The FHRI Fund receives annual credits of one percent of the State's royalty income into its capital. Investment income earned on the capital is transferred annually to the FHRI Account within the Department of Health, from which funds are applied to support health and medical research, innovation and commercialisation.
2. Grant Disbursements: The Fund disburses grants through competitive, peer-reviewed programs across two streams: (1) health and medical research, and (2) health and medical innovation and commercialisation. Programs range from sub-$100,000 seed grants to multi-million dollar flagship initiatives.
3. Co-Funding Partnerships: The Co-Funding Partnerships Program (Co-FPP) establishes collaborations and funding partnerships to bring genuinely new non-government funding for health and medical research and innovation to WA, amplifying the Fund's impact through matched contributions from charitable organisations, NGOs, and private sector partners.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

FHRI Fund is a Western Australian government grant-making body that administers competitive, peer-reviewed funding programs for health and medical research, innovation and commercialisation. It disburses awards ranging from sub-$100,000 seed grants to multi-million dollar flagship initiatives, funded by investment income from a $1.4 billion sovereign wealth fund. Programs support researchers, clinicians, start-ups, cohort studies and translational projects operating in Western Australia.

Product overview

The Future Health Research and Innovation (FHRI) Fund is a portfolio of funding programs and initiatives rather than a unified technology product. It operates as a sovereign wealth fund-backed mechanism providing secure funding to drive health and medical research, innovation and commercialisation in Western Australia. The portfolio includes fellowship programs (Distinguished Fellows, Research Fellows, Visiting Fellows), innovation support programs (Innovation Seed Fund, Innovation Fellowships, Golden Ticket, Innovative Solutions – Digital Health), researcher support programs (WA Near-Miss Awards, Major Research and Innovation Application Support, Clinician Researcher Training), cohort and collaborative research programs, and the flagship Spotlight Program targeting uniquely Western Australian health challenges. The programs are administered by the Office of Medical Research and Innovation (OMRI) within the Department of Health WA.

Differentiator

Problem solved

Functional benefit

Brands

• Office of Medical Research and Innovation (OMRI): The Office of Medical Research and Innovation supports the FHRI Fund's operations and provides policy and funding support for health and medical research and innovation.

Products and services

• Spotlight Program Flagship initiative under the FHRI Fund Strategy 2025-30 providing annual 5-year targeted funding commitments (up to $25 million) to address uniquely Western Australian health challenges, with the first award directed to Rheumatic Heart Disease elimination.
• FHRI Fund Distinguished Fellows Program to attract outstanding research leaders to Western Australia to build capacity for globally recognised research, including international relocations such as the 2024-25 fellow appointed from Stanford University.
• Golden Ticket Program enhancing health and medical innovation knowledge, skills and experience of high-potential WA innovators by providing financial support for salary costs, development opportunities, and professional services.
• Major Research and Innovation Application Support Program (MRIAS) Program providing support to boost WA's national and international grant funding success and enhance WA's standing as a leader in health and medical research and innovation.
• Mental Health Translational Research Grants Targeted grants to accelerate implementation of the Mental Health and Alcohol and Other Drugs Strategy in Western Australia.
• Research Fellows Program to attract and develop outstanding health and medical researchers across all career stages in Western Australia.
• Visiting Fellows Program to attract talented interstate and international health and medical research and innovation experts to visit WA and maximise collaborative opportunities.
• Innovation Seed Fund Program supporting WA innovators to develop and commercialise health and medical innovations through start-up companies, creating high-value jobs and enhancing biomedical manufacturing capacity. Stream 1 (devices, diagnostic, digital) provides up to $750,000; Stream 2 (therapeutics, vaccines) provides up to $1,500,000.
• Innovation Fellowships Fellowships developing innovative early-stage processes, products and services that address unmet health or medical needs in Western Australia, awarded through competitive annual rounds.
• Innovative Solutions – Digital Health Program building capacity and capability of the WA innovation sector to leverage digital health technologies in improving health and wellbeing of the WA community.
• WA Near-Miss Awards (WANMA) Program supporting researchers who narrowly missed out on Commonwealth funding to remain competitive for future national grants through bridging awards.
• WA Cohort Studies – Operational Support Program (WACS-OSP) Program providing operational funding for WA cohort studies to support delivery of improved clinical outcomes, health policy changes, and translational health outcomes.
• Co-Funding Partnerships Program Program establishing collaborations and funding partnerships to bring genuinely new non-government funding for health and medical research and innovation to WA, amplifying impact through matched contributions from charitable organisations, NGOs and private sector partners.
• FHRI Focus Grants: COVID-19 Initial FHRI Fund program funding research and innovation addressing health and wellbeing challenges relevant to the COVID-19 emergency, with up to $4 million provided.
• Early Career Child Health Research Fellowships Co-funded program with BrightSpark Foundation encouraging and supporting WA-based early career researchers pursuing a career in child health research, with matched $2.52 million contributions from each partner.

Quantifiable outcome

• $282 million awarded to 810+ recipients since 2020
• +5 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

16 partnerships are on record, tiered core, major and minor.

• Aboriginal Health Council of Western Australia (AHCWA)coreStrategic or Co-development Partner · 1 November 2025AHCWA is a key partner in the $25 million END RHD WA Spotlight initiative alongside WA Country Health Service and The Kids Research Institute Australia, working under strong Aboriginal leadership to address Rheumatic Heart Disease across the continuum of care.
• The Kids Research Institute AustraliacoreStrategic or Co-development Partner · 1 November 2025Key partner in the $25 million END RHD WA Spotlight initiative and host institution for the FHRI Fund Distinguished Fellow (autism research). Also leads the Spritz-OM nasal vaccine project for childhood ear infections.
• Cancer Council WAcoreStrategic or Co-development Partner · 17 July 2025Co-Funding Partnership Program between FHRI Fund and Cancer Council WA through the Strategic Priority Program – Capacity Building Program, supporting all career stages of cancer researchers through scholarships, fellowships and project grants.
• ANDHealthmajorStrategic or Co-development Partner · 24 December 2024ANDHealth CEO Bronwyn Le Grice delivered a keynote at the December 2024 FHRI Open Day, exploring emerging trends in health and medical technology including AI, wearables, and telehealth. ANDHealth is a key player in Australia's digital health and medtech ecosystem.
• WA Life Sciences Innovation Hub (WALSIH)majorStrategic or Co-development Partner · 24 December 2024WALSIH (MTPConnect) partnered with OMRI to co-host the December 2024 Open Day as part of West Tech Fest. WALSIH representatives participated in a commercialisation panel discussion offering advice to WA startups.
• University of Notre Dame AustraliamajorStrategic or Co-development Partner · 24 December 2024Co-hosted the December 2024 FHRI Fund Open Day at the Fremantle Campus as part of West Tech Fest, bringing together over 200 researchers, innovators, and healthcare professionals under the theme 'health technology for the future.'
• Lions Outback VisionmajorStrategic or Co-development Partner · 24 December 2024Lions Outback Vision team (Dr Qiang Li and Dr Jocelyn Drinkwater) won a $5 million prize at the FHRI/West Tech Fest challenge for AI-powered retinal scanners for diabetes-related vision loss.
• BiotomeminorStrategic or Co-development Partner · 24 December 2024Biotome co-founder Dr Alma Fulurija presented the company's next-generation antibody test for early detection of stomach cancer at the December 2024 Open Day medtech showcase.
• EarFlo (EarBuddy Pty Ltd)minorStrategic or Co-development Partner · 24 December 2024EarFlo participated in the December 2024 Open Day medtech showcase, presenting their device for non-invasive treatment of Glue Ear in young children. Previously funded through Innovation Seed Fund 2022-23 ($498,158).
• Edith Cowan University (ECU)majorStrategic or Co-development Partner · 13 September 2023ECU co-hosted the October 2023 Open Day focused on Precision Health, featuring presentations from ECU's Centre for Precision Health. ECU's Professor Simon Laws served as a keynote speaker.
• Virex Pharma LtdminorStrategic or Co-development Partner · 4 September 2023Awarded $499,241 through Innovation Seed Fund 2022-23 for GlyXine, an inhalation treatment for RSV and other viral respiratory infections.
• VitalTrace Pty LtdminorStrategic or Co-development Partner · 4 September 2023Awarded $500,000 through Innovation Seed Fund 2022-23 for DelivAssure, a commercialisation-ready fetal monitoring biosensor. Also featured in the 2023 AusCEP cohort.
• WA Country Health Service (WACHS)coreStrategic or Co-development Partner · 15 July 2023WACHS collaborated with OMRI to host the July 2023 Open Day in Geraldton and the October 2024 Open Day in Albany, advancing regional health and medical research and innovation engagement.
• BrightSpark FoundationcoreStrategic or Co-development Partner · 1 July 2023FHRI Fund awarded $2,520,000 through the Co-Funding Partnerships Program as co-contribution for a new Early Career Child Health Research Fellowships program. BrightSpark Foundation matched this contribution with $2,520,000, with a further $2,160,000 minimum from fellows' research entities over three rounds.
• MTPConnect (Australian Clinical Entrepreneur Program / AusCEP)coreStrategic or Co-development Partner · 28 November 2022AusCEP equips healthcare professionals with innovation and entrepreneurial skills to translate clinical ideas into impactful solutions. FHRI Fund co-funds WA clinician participation. First cohort included 21 WA clinicians; second cohort included 15 WA clinicians. WA achieved great success in the program.
• National Imaging Facility (NIF)coreStrategic or Co-development Partner · 21 July 2021FHRI Fund contributed $2.31 million to a successful State-wide bid for cutting edge human research imaging infrastructure from NIF, leveraging approximately $7 million in NIF infrastructure including a PET/CT scanner and GMP-level radiochemistry facilities dedicated to research at QEII Medical Centre campus.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• National Health and Medical Research Council (NHMRC): Australia's principal federal government funder of health and medical research, distributing over $1 billion annually across competitive grant schemes. Directly comparable to FHRI in mission (peer-reviewed health research funding) and target users (universities, medical research institutes, clinicians), though operating at national rather than state scale.
• Australian Research Council (ARC): Australian federal government agency that administers the National Competitive Grants Program supporting fundamental and applied research across all disciplines. Comparable as a peer-reviewed government research funding body targeting universities and research institutes, though with broader scope beyond health.
• Medical Research Future Fund (MRFF): Australian federal sovereign wealth fund established in 2015 to provide sustainable, long-term funding for medical research. Closely comparable to FHRI in capital structure (perpetual corpus with investment income deployed), funding programs, and priority-setting process, operating as FHRI's federal-level counterpart.

Broad incumbents

• Howard Hughes Medical Institute (HHMI): US-based biomedical research organisation and philanthropy that funds investigator-initiated research and operates its own research campuses. Comparable in mission (advancing biomedical research through long-term funding and talent attraction) and reliance on an investment corpus to fund annual operations.
• Wellcome Trust: UK-based charitable foundation (one of the world's largest) funding health and medical research globally with a perpetual endowment. Comparable in operating model (endowment-backed perpetual funding for health research) and breadth of grant programs, though at much larger scale and global rather than state-level remit.
• Bill & Melinda Gates Foundation: World's largest philanthropic foundation with major global health funding programs. Comparable as a large-scale health-focused grantmaking entity with perpetual endowment funding, but operating globally and on a much larger scale than FHRI's state-level mandate.

Regional players

• Cancer Council WA: Western Australian arm of Cancer Council Australia that funds cancer research and provides community programs. Comparable as a co-funding partner under the FHRI Strategic Priority Program and a regional peer focusing on health research grantmaking within WA.
• Health Research Council of New Zealand (HRC): New Zealand's principal government-funded agency for health research, distributing competitive grants across biomedical, clinical, and public health research. Comparable in function (national health research funding body) and program structure, though operating in a different national jurisdiction.
• Canadian Institutes of Health Research (CIHR): Canadian federal agency that funds health and medical research across the country. Comparable as a national government health research funding body with peer-review processes and similar program streams (research grants, fellowships, innovation support), though scaled to a national rather than state level.

Emerging players

• National Health and Medical Industry Growth Centre (MTPConnect): Australian not-for-profit industry growth centre focused on the medical technologies, biotechnologies, and pharmaceuticals sector. Comparable as a sector-development and innovation-funding partner that co-hosts Open Days and commercialisation programs with FHRI, though operating federally rather than at state level.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks4 records

Key highlights6 records

Customer concentration

• Xtwitter.com/wahealth
• YouTubeyoutube.com/user/wahealth
• LinkedInlinkedin.com/company/wa-medical-research-and-innovation

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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M&A

Investments5 records

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Frequently asked questions about Future Health Research and Innovation