Posted: 7 February 2022
Planet Innovation (PI), Australia’s leading healthtech innovation and commercialisation company, and Lumos Diagnostics (Lumos), a rapid point-of-care diagnostics company, with support from the Victorian State Government, will establish a $17.2 million Rapid Diagnostics Manufacturing Facility and Innovation Hub in Victoria to locally manufacture RATs.
Subject to necessary approvals, including those from the Therapeutic Goods Administration (TGA), the facility will produce one million tests in April 2022 and scale up to three million per month by July 2022. At full capacity, the facility will be able to make 50 million RATs each year. Beyond COVID, the facility will be able to produce variety of diagnostic tests including those for tropical diseases, flu / influenza, reproductive health, and chronic disease management, ensuring its long-term viability.
Planet Innovation Co-CEO Stuart Elliott says the business is delighted to collaborate with Lumos Diagnostics in support of the Victorian Government’s initiative to establish a strong, sovereign capability for the manufacture of rapid diagnostics.
“PI will bring its breadth of medtech expertise to create a world class operation that will support Victoria through the current COVID pandemic and into the future, with the capabilities to produce a range of diagnostic tests,” he said.
“In conjunction with Lumos and the Victorian Government, Planet Innovation will also initiate steps for building a powerful innovation ecosystem in rapid diagnostics that will engage a range of local organisations in the advancement of Victoria’s medtech manufacturing sector.”
In addition, the project will create approximately 70 ongoing jobs, adding to Victoria’s thriving medical technology manufacturing sector that already employs thousands of Victorians across the state.
Premier Daniel Andrews said of the agreement: “Manufacturing rapid antigen tests in Victoria will protect and secure the state’s supply chain and create local jobs.
“Being able to scale up production so quickly shows the strength of Victoria’s advanced manufacturing capabilities.”
Lumos’ COVID-19 RAT test CoviDx™ will be manufactured at an existing space provided to Lumos via Planet Innovation, its founding shareholder.
Lumos Diagnostics Executive Chair Sam Lanyon said of the deal: “As a global leader in rapid point-of-care (POC) diagnostic technologies, we’re proud to work with Planet Innovation and support the Victorian Government, to manufacture and deliver critical, rapid diagnostic tests.
“Lumos will leverage its global experience, that has seen it create critical infrastructure and world- class technology in North America, to support the establishment of a Victorian manufacturing hub for rapid diagnostics.
“We are thrilled that as an organisation that was founded in Victoria, we are able to answer the call and support the creation of jobs, capability and future proof Victoria’s needs for rapid testing.”
Founded in 2009, Planet Innovation (PI) is a healthtech innovation and commercialisation company that exists to create breakthrough products and commercially successful businesses that transform industries and have a positive impact on the world. PI offers clients the full spectrum of product design, engineering and manufacturing services needed to develop and commercialise products for the diagnostics, life sciences and healthcare industries. It also makes strategic investments in selected global healthtech companies to help drive commercial success and build long-term partnerships.