Victoria’s medtech and pharmaceutical sector is booming, with new data released today showing that support from the Andrews Labor Government has fuelled exceptional export growth.
A report by ACIL Allen Consulting shows that over twenty years between 1999-2017, 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 today visited the Medicines Manufacturing Innovation Centre (MMIC) at Monash University, a prime example of how the Labor 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.
Victoria’s pharmaceuticals sector is growing rapidly, contributing more than $2.2 billion in exports in 2018 compared to just $873 million in 2014.
As noted by Minister for Jobs, Innovation and Trade Martin Pakula
“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.”
“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.”
As stated by Medicines Manufacturing Innovation Centre Director Dr Paul Wynne
“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.”