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.
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.
The Medical Technologies and Pharmaceuticals Sector Strategy is available on Business Victoria's Future Industries page.
Page last updated: 20 July 2016