New biopharmaceuticals investment reflects importance of policy certainty
Medicines Australia today welcomed the announcement by CSL Limited of a major new investment in Australia’s biopharmaceuticals sector.
The $235 million project, of which the Federal Government has contributed $30 million, will deliver a large-scale biotech facility for the late stage development of important new therapies. The project has also attracted support from the Victorian Government.
Medicines Australia’s acting chief executive Donna Edman said the investment demonstrated the economic benefit of having a strong innovative biopharmaceuticals industry in Australia.
“The investment by CSL and the Federal Government points to confidence in the biopharmaceuticals industry and the enormous potential for the future,” Ms Edman said.
“Confidence is derived from business certainty, and the Memorandum of Understanding signed in May between Medicines Australia and the Commonwealth provides the industry with the stability and policy certainty upon which growth depends.
“The biotechnology project announced today will stimulate the economy, provide hundreds of high-value jobs to Australian researchers and raise the prospect of developing new therapies for Australian patients.
“The investment is also a terrific boost to Australia’s clinical R&D sector.
“Australia attracts $1 billion a year in R&D investment and the new venture announced by CSL will help keep Australia at the forefront of the global clinical research sector.”
Australia’s pharmaceutical industry employs 14,000 people in high-skilled jobs and exports $4 billion a year, making it Australia’s leading hi-tech manufacturing exporter.
Medicines Australia represents 80 per cent of Australia’s pharmaceuticals industry.
Media Communications Manager
Phone: 0419 220 293