Korean nutritional supplement producer Nutribiotech has chosen Australia as the location for its newest global manufacturing facility, creating 150 new full-time jobs over the next three years.
Nutribiotech makes vitamins, minerals and nutritional supplements for several major Australian brands. It also produces its own products and exports to more than 25 countries around the world.
‘Victoria’s highly skilled workforce and world-class expertise in medical technologies and pharmaceuticals make it the perfect place for Nutribiotech to make this major investment in a new state-of-the-art facility,’ says Edward Kwon, President, Nutribiotech Australia, in a recent media release.
The new manufacturing facility is a comprehensive system, taking products from concept to R&D, and from sourcing raw ingredients, through processing and final packaging.
The global life sciences industry is expected to grow from its current value of US$1.6 trillion to more than US$2 trillion by 2023.
According to AusBiotech’s 2017 Snapshot, Australia is positioned in the world’s top five in biotechnology innovation. The Australian life sciences sector employs more than 232,000 people across 1,654 organisations.
AusBiotech CEO, Glenn Cross says the snapshot confirms the life sciences sector is a ‘significant economic driver for Australia…a major employer of high-value jobs and Australia is globally competitive in the life sciences’.