SENATOR Kim Carr, Minister for Innovation, Industry, Science and Research, yesterday opened a new R&D facility in Sydney for Australian biotechnology company Arana Therapeutics Limited.
Senator Carr said the new facility demonstrates the commitment and determination of Arana to succeed in the extremely competitive biotech marketplace.
“It is an excellent model for how the Australian biotech sector can move forward in the future,” Senator Carr said.
“The Rudd Government is excited about Arana’s achievements — it is a local company that is developing therapies for the global market.”
The new facility is designed to accommodate Arana’s on-going business growth, which has seen its Sydney workforce double in the last two years.
Arana is being supported by the Government’s $150 million Pharmaceuticals Partnerships Program (P3), which is providing the company with almost $7 million over two years to increase its Australian-conducted R&D.
“This new facility shows what can be done when the government works in partnership with industry,” Senator Carr said.
“It is these types of successful partnerships, and the lessons learnt from P3, that we need to feed into the Government’s ten year plan for the pharmaceutical industry — being developed by the Pharmaceuticals Industry Strategy Group.
“Arana has developed a sustainable business model based on the successful commercialisation of world class technology.
“The Rudd Government is working hard to ensure that the right operating environment is in place to encourage more investment in pharmaceuticals R&D and manufacturing, so that we have more success stories like Arana.
“The Rudd Government is committed to the pharmaceuticals industry and to capturing the benefits for Australia.
That is why we have tasked the Strategy Group with providing a plan for increasing pharmaceuticals investment that would make a net economic and social contribution by 2020,” Senator Carr said.
The Strategy Group will meet for the first time on 7 July 2008. Arana is one of Australia’s largest biopharmaceutical companies with a market capitalisation of $220 million.
Arana specialises in developing technology for treating cancer and inflammatory diseases, such as arthritis.
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