Pharmaceutical and medtech export growth soars
Published: 23 September 2019
Victoria's medtech and pharmaceutical sector is booming, with new data released today showing that long-term Victorian Government support has fuelled exceptional growth.
A report by ACIL Allen Consulting shows that over twenty years between 1999-2017, government support for the sector has generated $39.6 billion in additional revenue and delivered more than a three-fold economic benefit on investment.
The latest trade data also reveals that Victoria's pharmaceutical exports have grown 255 per cent over the past four years, earning $2.2 billion in 2018 and making it the state's highest-value manufactured export product.
Minister for Jobs, Innovation and Trade Martin Pakula today visited the Medicines Manufacturing Innovation Centre (MMIC) at Monash University.
Established in 2017, the MMIC is a joint initiative between the Victorian Government and the internationally renowned Monash Institute of Pharmaceutical Sciences, that helps a range of organisations including pharmaceutical and nutraceutical companies to develop new products, grow their export opportunities and create jobs.
There are more than 22 Victorian pharmaceutical manufacturers producing products for international markets using Victoria's advanced manufacturing capabilities.
Victoria's pharmaceuticals sector is growing rapidly, contributing more than $2.2 billion in exports in 2018 compared to just $873 million in 2014.