Victoria prioritises health technologies and medical research in economic growth statement

AusBiotech and BioMelbourne Network have welcomed the Victorian Government’s release of its Economic Growth Statement, which highlights ‘Health Technologies and Medical Research’ as one of the state’s key priorities. This recognition underscores the significant role the sector plays, both socially and economically, and its potential for sustained growth.

Rebekah Cassidy, CEO of AusBiotech, stated “Our members transform ideas into world-leading health innovations that have the potential to support the health of Australians and the health of our economies. We are encouraged to see the impact of our members and the sector as part of Victoria’s Economic Growth Statement.”

She went on to echo Premier of Victoria, Hon. Jacinta Allan MP’s sentiment: “The world is rapidly changing. Globally, sovereign capability in life sciences has never been so important. Indeed, standing still isn’t an option.”

Cassidy continued, “A consistent message from AusBiotech is that Australia needs a unified and coordinated strategy when it comes to the life sciences. We look forward to working with the Victorian Government as they continue to engage our industry as it takes new health innovations to the world.”

The Statement’s focus on making it easier to do business marks a positive step forward, aiming to foster an open-door culture and reduce red tape. Given the expansive nature of the biotech sector, which spans multiple departmental and policy areas, these measures to streamline and unify investment attraction are highly welcomed.

Victoria’s life sciences sector, which is diverse and mature, includes over 1,000 organisations and employs more than 100,000 people. Both AusBiotech and BioMelbourne Network are particularly encouraged by the Statement’s focus on workforce development, aimed at building new skills in high-growth sectors like life sciences.

The two organisations also endorsed the Statement’s commitment to enhanced coordination and reduced regulatory barriers, which they believe will stimulate investment and innovation, ultimately taking Victorian innovations to a global stage.

Karen Parr, CEO of BioMelbourne Network, commented, “Victoria is Australia’s leader in the life sciences sector – a position that continues to attract and retain global companies to call our state home. This renewed focus strengthens Victoria’s global lead, and we are excited that it will enable our sector to explore new pathways to expand our high-value exports even further, ensuring the sector’s growth benefits communities here and around the world.”

AusBiotech and BioMelbourne Network look forward to continued collaboration with the Victorian Government, including engagement with the new industry policy, which is set to be released in early 2025.

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