New Investment Strategy Underlined By Panadol Win

25 September 2018

Panadol products for Australia, South East Asia, the Middle East, North Africa and New Zealand will now be manufactured in Victoria by Aspen Australia – creating 85 new jobs in Dandenong.

The investment is a significant win for Victoria’s pharmaceuticals industry and comes as the Andrews Labor Government today released a new investment attraction strategy – Investing in Victoria.

The strategy identifies key sectors and the actions required to attract the investment Victoria’s economy needs to grow and create jobs.

The Labor Government worked with Aspen Australia to win the landmark contract to produce Panadol, which will see it undertake a major expansion of its facility in Dandenong.

As a result of the investment, Aspen Australia will produce more than 1.3 million Panadol tablets a day, or about 485 million tablets a year, as well as 6.7 million bottles and tubes a year of the famous painkiller.

The investment will further boost pharmaceutical exports, which were up 40 per cent in 2017, and highlights the success Victoria is having in attracting investments that create local jobs.

Victoria’s economy is growing and changing rapidly, as are global markets for investment, and the new strategy sets out how the Labor Government will respond to these changes.

Key sectors identified include energy, health, advanced manufacturing, creative industries, digital technologies, tourism, agriculture, tertiary education, professional services, and the retail and logistics sector.

As part of the strategy, the Labor Government is creating a new entity called Venture Victoria, which will help new investors land on their feet and set up offices in the crucial early stages of a project.

Part of the secret to success is creating the right investment climate, which the Labor Government has done as shown by its record infrastructure spend, low payroll tax and its investment in skills and innovation.

The Labor Government also plays a direct role in targeting investments and since 1 December 2014 has facilitated investment projects valued at over $8.2 billion in new capital expenditure that will create over 21,300 new full-time equivalent jobs.

Quotes attributable to Minister for Trade and Investment Philip Dalidakis

“This strategy is the result of thorough consultation across government and significant industry research – it will ensure that Victoria continues to adapt and thrive in a global economy.”

“Announcements like this show that the world’s biggest companies are keen to come to Victoria and create jobs, and we’re keen to have them here.”

Quote attributable to Aspen Asia Pacific CEO Trevor Ziman

“Fulfilment of a contract of this size requires both significant capital investment and job creation which will consolidate the long-term future of Aspen’s expanding manufacturing presence in Victoria.”

Reviewed 19 August 2020

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