Victoria has one of the world’s largest life science clusters composed of the medical technology (medtech), biotechnology (biotech) and pharmaceutical industries. It is home to a vibrant commercial sector, key R&D infrastructure and advanced manufacturing expertise making it a highly sought after destination by global pharmaceutical companies.
The State of the Sector Medical Technologies and Pharmaceuticals 2017 report shows the sector is growing rapidly. The sector employs more than 23,000 people and is made up of more than 650 firms ranging in size from small start-ups to large Victorian exporters and global manufacturers. Revenue in the sector has quadrupled since 2003 to $12.7 billion and exports have doubled since 2011 to $1.3 billion.
With its companies connected to all major international markets, there is a lot of economic opportunity for Victorian companies to develop and manufacture new drugs, devices and digital health solutions that will shape the future of healthcare.
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Victoria’s strengths
The state’s strengths include:
- Significant capabilities and supporting infrastructure for neuroscience, cancer, regenerative medicine, infectious diseases and immunology research.
- A strong global reputation in innovative and advanced manufacturing for pharmaceutical and medical technology products.
- Proven expertise in drug candidate development across many stages of the drug discovery process.
- A cost effective and rapid regulatory system for high quality clinical trials with access to leading clinical researchers and ethically-diverse participant recruitment pool.
