Growth in the medtech and pharmaceutical sector in Victoria has earnt $2.2 billion in exports in 2018.
Pharmaceuticals are now the highest-value manufactured export product in the state and grew by 255 per cent over the past four years.
“Victoria’s medtech and pharma industry is one of this state’s most important sectors, not only for its contribution to our economy, but also for the impact its products can have on the lives of people around the world,” said Minister for Jobs, Innovation and Trade, Martin Pakula.
According to a report by ACIL Allen Consulting, in the twenty years until 2017, support from the Victorian government has generated $39.6b in additional revenue for the sector, with a three-fold economic benefit on each dollar invested.
One way in which this investment is supporting industry is the Medicines Manufacturing Innovation Centre (MMIC) at Monash University.
Jointly founded by the Victorian government and the Monash Institute of Pharmaceutical Sciences in 2017, the MMIC enables pharmaceutical and nutraceutical companies to create new products, expand export opportunities, and invest in jobs.
“We’re proud to play our part in supporting the medtech and pharma sector, because the evidence shows the benefits are significant for the industry, for local jobs and for our entire economy,” said Pakula.
The combination of industry and researchers at the MMIC has supported the rapid growth of the export-oriented sector, which grew from $873 million in 2014 to $2.2b in 2018. MMIC director, Dr Paul Wynne, highlighted the nature of this partnership.
“The beauty of the Innovation Centre is that it gives our manufacturers an independent partner that can step outside the box for them, to explore innovative ideas in a way that is not always possible or cost effective from inside the company and in so doing add value to the business,” said Wynne.