Victoria's medical technologies and pharmaceuticals sector is booming
Published: 13 July 2017
Victoria's medical technologies and pharmaceuticals sector is booming with new data released by the Victorian Government today showing rapid growth in exports thanks to world leading research and advanced manufacturing capabilities.
The State of the Sector Medical Technologies and Pharmaceuticals 2017 report shows the sector generates $12.7 billion in revenue annually.
The sector employs more than 23,000 people in a range of roles and is made up of more than 650 companies – from small start-ups to large Victorian exporters and global manufacturers.
Pharmaceutical manufacturing has driven a huge increase in overseas exports, with a 40 per cent increase in 2016 to $1.3 billion.
The Victorian Government has supported a number of initiatives to create investment and job opportunities, including:
- A $10 million funding partnership with BioCurate – a collaboration between the University of Melbourne and Monash University - to accelerate the development of new medicines, create jobs and economic activity
- A funding partnership of $4 million to the Medicines Manufacturing Innovation Centre, to help pharmaceutical manufacturers develop new products
- Attracting international research organisations to establish centres in Melbourne, including the Canadian Centre for Commercialisation of Regenerative Medicine
- Luring global firms to conduct world-first clinical trials to test new products in Victoria
- Providing grants to local manufacturers including Komipharm, DorsaVi, Baxter Laboratories and Medical Developments International.
The State of the Sector Medical Technologies and Pharmaceuticals 2017 report is available from our website.