Victoria advancing standards for global biobanking
Published: 25 October 2018
The Victorian Government has secured the establishment of Australia’s first industry-standard biobanking facility, further cementing our state’s reputation as a globally competitive location for precision medicine and genomics and for the development of new drugs, therapeutics and diagnostics.
Biobanking Victoria Precision Medicine Services, led by Monash University in partnership with international leaders Brooks Life Sciences / RUCDR Infinite Biologics (USA), will be located at the Monash Health Translation Precinct in Clayton.
The partnership will link researchers and local biotech companies to an established international network of biorepositories in New York, Montreal, Singapore and Shenzen.
Professionally managing biobanks that store and manage access to clinical samples and data are valuable resources that serve a wide variety of health industry and medical research purposes, including genomics and vaccine development.
The global market is projected to grow to US$6.9 billion by 2021, largely due to the rise of personalised medicine, which accounts for more than 40 per cent of all drugs currently under development.
Biobanks are a key technological linchpin for growth in the biotech sector, increasing Victoria’s capacity to attract commercial clinical trials and international companies, and supporting the growth of local biotechnology companies.
The facility is expected to be operational in 2020.