Victoria Leads The Way Advancing New Medicines

02 June 2016

Premier Daniel Andrews has announced a $80 million new enterprise to accelerate the development of new medicines to treat a wide range of diseases, during his official visit to the United States.

The Premier addressed Australian and American health leaders during a visit to the Boston Children’s Hospital, and said bringing the biomedical expertise of the University of Melbourne and Monash University together would help Victoria develop healthcare discoveries and solutions for the world, as well as win a larger share of the multi-billion dollar pharmaceutical market.

The Andrews Labor Government will contribute $10 million to the partnership, which will speed up the development of quality medicines and the number of commercially attractive investment opportunities.

The researchers will focus on the early stages between discovery and development of medicines, including clinical trials to test for safety and effectiveness, where it is traditionally difficult to attract investment.

The ground breaking partnership is expected to generate about $360 million in activity over the next 10 years, will support the creation of new companies, increased investment and exports, and more specialised jobs.

The global demand for new medicines shows no sign of slowing down, with the global pharmaceutical market forecast to grow to approximately US $1.5 trillion by 2020 – up from US $0.9 trillion in 2010.

The wider Victorian life sciences sector employs more than 20,000 people and generates in excess of $10 billion for the state.

Quotes attributable to Premier Daniel Andrews

"This project is about turning Victorian discoveries into Victorian jobs, while improving the lives of people with medical conditions."

“Victoria’s world leading medical researchers, universities, hospitals and institutes not only make an enormous contribution to the state’s economy but also play an important role in developing treatments for some of the most pressing health challenges we face across the globe.”

Reviewed 19 August 2020

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