This question is a cold case and the OP may have moved on to be a professional in some area - perhaps even in the particular topic of the question posed. All responses were comments and carefully avoided the fact that this question has no answer unless the specific intentions are analyzed.
It appears to me that the OP wishes to find an area that in some which way is "profitable" (see e.g. "... areas where research could lead to great discoveries or improvements of say drugs, medicines, therapies, or what have you" or "... but again concentrating on the most important ones, the ones that could bring a very positive contribution.", or "By most important I mean those areas where most of the funding is going ...").
To me this seem incompatible with the question posed in the highlighted box: "What are the most important challenges of Mathematical Biology today and for the future?"
These are divergent trajectories. The first quotes basically ask "is there some area where I can make a career?", while the latter quote sounds like a grand challenges question; Mathematical Biology could be replaced by Physics, Biology, Mathematics, Chemistry and so forth.
Nobody can really say whether one can make a career out of something. The factor influencing this turn-out are extrinsic to the field. Also, there is strong dependence on personal "features", including drive, excitement and, in particular, guts and tenacity.
If one wishes to do something for the field, in this case Mathematical Biology, then one must be willing to risk something - be it short- to medium-term lack of "popularity". Furthermore, one must be willing to talk to those whose problems one proposes to solve. Biologists are the audience to court.
Therein lies the core to building notoriety, not in what is popular now. Interests can shift very quickly in biology and, as a result, the only thing that the OP should be looking for - and asking help for - are the areas currently at the fringes - both present and past.
Foundations is the most important challenge in mathematical biology, if this area of scientific activity wishes to be called a field and be able distinguish itself from "biomathematics" or "computational biology" or "Systems theory" or any of such terms that flourish like weeds (nothing wrong with weeds).
For a young person to engage in mathematical biology I can only suggest to become clear about the meaning of the term by asking: Am I a mathematician who enjoys thinking about life phenomena or am I a biologist who seriously uses mathematical tools to encrypt and interpret data.
In the first case, very characteristically for a mathematician, there should be the drive to prove. In fact, more than that: Clarity of definition, choice of logic within which to reason, language to formulate propositions and structure to deliver proof. Proficiency in the modern structural theories that combine mathematics and computer science is an absolute must and I would suggest reading just one of the many writings of John Carlos Baez. He is not the only one who should be mentioned, but he writes and speaks very well.
In the second case, meaning where you identify as a biologist who seriously uses mathematical tools to compress experimental data into interpretable forms, then becoming an experimental biologist who shines due to proficiencies in some parts of mathematics and who can program his way into and out of tight corners is the direction to go. Mathematics is a sought-after skill in this case, but is not the profession.
To come to an end, I would like to note that my motivation was less to answer a cold case question that was posed almost seven years ago and remained unanswered, but foremost to point to the fact that this very question has crossed my desk regularly over the decades and I would like to share my answer more broadly.