New data released today has revealed that support from the Victorian Government to the state's medical technology and pharmaceutical sector has fuelled exceptional export growth.
The report by ACIL Allen Consulting demonstrates that over a twenty-year period, from 1999 to 2017, Victorian Government support for the sector has generated $39.6 billion in additional revenue and delivered more than a three-fold economic benefit on investment.
The latest trade data also reveals that Victoria’s pharmaceutical exports have grown 255 per cent over the past four years, earning $2.2 billion in 2018 and making it the state’s highest-value manufactured export product.
Minister for Jobs, Innovation and Trade Martin Pakula visited the Medicines Manufacturing Innovation Centre (MMIC) at Monash University on 23 September. Minister Pakula's visit to MMIC is a prime example of how the Government is working with industry and research organisations to boost the sector.
Established in 2017, the MMIC is a joint initiative between the Government and the internationally renowned Monash Institute of Pharmaceutical Sciences, that helps a range of organisations including pharmaceutical and nutraceutical companies to develop new products, grow their export opportunities and create jobs.
There are more than 22 Victorian pharmaceutical manufacturers producing products for international markets using Victoria’s advanced manufacturing capabilities.
A booming sector
Victoria’s pharmaceuticals sector is growing rapidly, contributing more than $2.2 billion in exports in 2018 compared to just $873 million in 2014.
Victoria'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.
- 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 sector employs more than 31,000 people and is made up of firms ranging in size from small start-ups to large Victorian exporters and global manufacturers