Victoria’s manufacturing sector has received a healthy boost from its facility in Dandenong South that the Victorian state government says, will create 150 new full-time jobs over the next three years.
Nutribiotech, a leading nutritional supplement producer with factories in China, Korea and the US, has chosen Victoria as the location for its fourth global manufacturing facility with support from the Victorian state government.
The Korean-based company makes vitamins, minerals and nutritional supplements for several major Australian brands. It also produces its own products and exports to more than 25 countries around the world.
Minister for Trade and Investment Philip Dalidakis said, “This represents one of the biggest Korean investments in Victoria and shows that Victoria is a great location for pharmaceutical investment.We will continue to work with local and international companies to encourage investment that will grow our medtech and pharma sector and create jobs for Victorians.”
The new Dandenong South facility is a complete manufacturing system that takes products from concept and R & D right through to manufacture and final packaging.
With the global life sciences industry expected to grow from its current value of $US1.6 trillion (A$2 trillion) to more than $US2 trillion by 2023, it is important that Victoria is investing in this industry.
With pharmaceutical manufacturing booming in Victoria according tothe recent State of the Sector Medical Technologies and Pharmaceuticals 2017 report, it is an ideal location for the development and manufacture of biotechnology, medical technology and pharmaceutical products.
The state’s pharmaceutical exports grew 60 per cent in 2016 and the state now produces 47 per cent of Australia’s total pharmaceutical exports.
The medtech and pharmaceutical sector currently employs more than 23,000 people, generates over $12.7 billion in revenue and contributes over $1.35 billion in exports to the Victorian economy.