More efficient cancer drugs, longer lasting paint, reusable contact lenses and smoother lubricants are in development as a direct result of Ezio Rizzardo and David Solomon's work with polymers.
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The organic chemists were awarded Australia's highest science honour yesterday for their revolutionary work in changing the structures of polymer chains.
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Professor Rizzardo, 67, said he was honoured to share the prize with his colleague, Professor Solomon.
The Italian-born scientist said he was very excited about one application of the polymer research, which will help oncologists deliver cancer drugs to the site of the tumour. ''These polymers are designed in such a way that it delivers the therapeutic agent to the cancer site,'' Professor Rizzardo said.
More than 60 companies, including DuPont, IBM, 3M, Dulux and L'Oreal, have licensed the pair's inventions and used their discoveries in subsequent patents.
Another company is experimenting with extended wear contact lenses.
''The lenses need to transmit oxygen and water to keep the eye healthy, they need to be soft and comfortable and completely transparent and physically strong. You can wear them for a long, long time - these products are very close to coming on the market,'' he said.
Director of the Materials Research laboratory at the University of California, Craig Hawker, said the pair's discoveries had rewritten the book on polymer synthesis.
''Their creativity reaches out far beyond the stellar science. I see no limits to what can come from this work and am very proud to be able to say that it is homegrown Australian science through and through,'' Professor Hawker said.
Professor Rizzardo said CSIRO will continue to benefit from the work. ''I'm hoping they will make millions from the royalties.''
The winners of the Prime Minister's Prize for Science were announced at Parliament House yesterday. Professor Rizzardo and Professor Solomon will share a $300,000 prize.
Physicist Stuart Wyithe won the Malcolm McIntosh Prize for physical scientist of the year. Associate professor Min Chen was awarded the Science Minister's Prize for life scientist of the year. Teachers Brooke Topelberg and Jane Wright won the primary and secondary science teachers' excellence awards.