Medical technologies and pharmaceuticals

Victoria has one of the world's largest life science clusters composed of the medical technology (medtech), biotechnology (biotech) and pharmaceutical industries. It is home to a vibrant commercial sector, key R&D infrastructure and advanced manufacturing expertise making it a highly sought after destination by global companies.

The commercial sector includes more than 180 companies based in Victoria, including 57 ASX-listed companies with a combined market capitalisation of A$60 billion. The combined sector employs more than 21,000 people and in 2014, generated A$12.7 billion in revenue, up from A$3.3 billion in 2002-03.

With its companies connected to all major international markets, there is a lot of economic opportunity for Victorian companies to develop and manufacture new drugs, devices and digital health solutions that will shape the future of healthcare.

Victoria's strengths

The state's strengths include:

  • Significant capabilities and supporting infrastructure for neuroscience, cancer, regenerative medicine, infectious diseases and immunology research.
  • A strong global reputation in innovative and advanced manufacturing for pharmaceutical and medical technology products.
  • Proven expertise in drug candidate development across many stages of the drug discovery process and is seen as an attractive location by global pharmaceutical companies.
  • A cost effective and rapid regulatory system for high quality clinical trials with access to leading clinical researchers and ethically-diverse participant recruitment pool.

Sector strategy

The Medical Technologies and Pharmaceuticals Sector Strategy is available on Business Victoria's Future Industries page.

Page last updated: 20 July 2016