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ITC success delivers $6 million dividend for medical research
The ITC Group of Companies today (28 May) donated $6 million to launch a Medical Research Support Fund at the University of Wollongong (UOW), with far-reaching consequences for community health in the Illawarra.
The fund will support research conducted at the Illawarra Health and Medical Research Institute (IHMRI) – a partnership between UOW and the South Eastern Sydney and Illawarra Area Health Service.
The ITC Group of Companies is the commercial arm of UOW. It provides marketing and other services to the University, and operates education and training facilities in Australia and overseas. These include the University of Wollongong in Dubai (UOWD) and Wollongong College Australia, which provides pathways to University for around 15% of UOW’s student population.
Last year ITC had its most successful year ever, with revenue of $68.24 million, and a pre-tax profit of $10.4 million. ITC’s student recruitment activities in Australia and overseas saw domestic enrolments at UOW grow by 11.5% and international enrolments grow by 10.8%. In Dubai, UOWD celebrated its 15th year, and also delivered record revenue and enrolments.
The $6 million ITC has donated to the Medical Research Support Fund represents the Group’s entire dividend for 2008.
ITC Chief Executive Officer Vince Lendrum said the $6 million was a record dividend for the Group, and it was fitting that it should be used for such an important purpose.
“This contribution will give the new institute the impetus it needs to become a research centre of national and international stature, while delivering significant health benefits to our community,” Mr Lendrum said.
IHMRI Executive Director Professor Don Iverson, who is also Executive Dean of UOW’s Faculty of Health and Behavioural Sciences, said the donation was a magnificent vote of confidence in the Institute and its researchers that would be pivotal to the new centre’s success.
“Funding of this magnitude allows us to build on the University’s existing medical research expertise by attracting key researchers in new areas, while also giving us the opportunity to develop research partnerships with other organisations at national and international level,” Professor Iverson said. “Top people will be interested in coming here who wouldn’t have considered it before.
“Some of the money will also be used for seed funding for our researchers to develop competitive grant applications for national medical research funding.
“But perhaps most importantly, we will use a large proportion of the funds to set up our own clinical trials unit, which will have strong positive consequences for health in the local community. This unit will give Illawarra residents access to preventative medicine strategies that they haven’t had before.
“For example, it will give us the opportunity to conduct clinical trials on the impact of diet and physical activity on the cognitive performance of people as they age.”
IHMRI’s research will be focused on six key themes: metabolic conditions; infectious diseases; primary care and rural health; healthy ageing; cancer; and neuroscience and mental health. The Institute will be housed in a $30 million building currently under construction on the UOW campus, jointly funded by UOW and the NSW Government.
Professor Iverson said the Institute was being structured to encourage inter-disciplinary research between researchers with different skills and experience, so that health problems could be approached from many different angles.
University of Wollongong Vice-Chancellor Professor Gerard Sutton said medical research was one of the University’s strategic priorities.
“It will provide significant and lasting benefits, not only to the University in terms of research performance and reputation, but also to the wider Illawarra community in terms of improved health services and outcomes,” Professor Sutton said. “ITC directors and staff should be proud of the direct contribution they are making to this important and strategic initiative of the University.”