Report highlights key role of two MIPS initiatives in growing Victorian economy
A new report from the Victorian Government has highlighted two initiatives associated with the Monash Institute of Pharmaceutical Sciences (MIPS) as major contributors to one of Victoria’s fastest growing sectors.
The State of the Sector: Medical Technologies and Pharmaceuticals 2017 report provides an update on the Victorian Government’s strategy for the sector, which it has identified as vital to the future economic prosperity of the state.
Victoria is a world leader in medical technologies and pharmaceuticals, a position that is in part based upon its research excellence. A recent analysis from Nature Index placed Melbourne third in the world, behind Boston and London, in terms of the quality of its output in biomedical research.
Medical technologies and pharmaceuticals is one of eight key sectors that receives support through the future industries fund. It employs more than 23,000 people and generates over $12.7 billion in revenue each year in the state.
Growth in pharmaceutical exports has been particularly strong, rising from $749M in 2015 to $1,267M in 2016.
The foreword to the report singles out two major recent investments as crucial to augmenting Victoria’s position as one of the world’s leading locations for the development and manufacture of medical technologies, biotechnologies and pharmaceuticals: the Medicines Manufacturing Innovations Centre (“MMIC”) and BioCurate.
Both are initiatives in which MIPS plays a leading role.
The MMIC is a collaboration with Monash, the Victorian Government and pharmaceutical company GlaxoSmithKline as founding partners. It is headquartered at MIPS, and it provides Victoria’s medicines manufacturers with access to specialist scientific capabilities to solve technical challenges as well as encouraging investment in research and development, high-tech manufacturing, skills development and collaboration.
BioCurate, co-located with MIPS on the Monash University Parkville campus, is a transformative collaboration between Monash University and the University of Melbourne. BioCurate’s key focus and objective is to translate drug discoveries to a form which attracts investors or other commercialisation partners. This will be done through the provision of independent specialist expertise in drug development and commercialisation, and the required funding targeted specifically at this critical phase. BioCurate will work across different therapeutic modalities including small molecules, biologics and antibodies.
The report was launched by Minister for Industry and Employment Wade Noonan at MMIC partner GSK’s Boronia facility on July 13.