Monash University’s global leadership in biomedical research has taken a leap with the purchase of another property to add to its already significant Parkville footprint, the home of the Faculty of Pharmacy and Pharmaceutical Sciences.
Previously owned by Australia’s national science agency CSIRO, the Royal Parade property will be refurbished to expand the Monash Institute of Pharmaceutical Sciences (MIPS). This world-leading Institute is the home of ground-breaking research driving the discovery and development of new and improved drugs.
The move cements Monash’s Parkville presence as a centre for world-class research and teaching excellence in pharmacy and drug development, while building on its storied history at what has become one of the world’s leading biomedical hubs.
The Faculty of Pharmacy and Pharmaceutical Sciences, as it is now known, is regarded as one of the leading pharmacy and pharmaceutical sciences schools in the world.
The new building will enable MIPS to further its innovation and entrepreneurship, translating its expertise in fundamental biology into new medicines. It will also enable development and expansion of recent areas of focus for Monash, such as mRNA therapeutics, next generation of neuromedicines, and novel mechanisms of drug screening and structure-based drug design.
Faculty Dean Professor Arthur Christopoulos, said the Monash expansion will fill a significant capacity gap in the end-to-end production of locally discovered drug candidates, while also facilitating the creation of high-value, highly skilled jobs in the pharmaceutical sector.
Pharmaceuticals represent a major growth sector, and with this new acquisition in Parkville’s biomedical precinct, we have the potential to exponentially translate that research excellence into complementary industries, such as off-site manufacturing and clinical trials, as well as generating substantial biotechnology spinout opportunities and attracting multimillion-dollar inbound investments.
— Professor Arthur Christopoulos