In February, Victorian Minister for Innovation and Regional Development, John Brumby, launched new research that has investigated how Victoria can establish itself as one of the world’s top five biotechnology centres. The research report, Mapping the Life Cycle of Biotechnology Companies, was developed on behalf of the BioCouncils Alliance. This includes the Cities of Hume, Knox, Melbourne, Monash, Whittlesea and Wyndham, in partnership with the State Government’s Department of Innovation, Industry and Regional Development.
The study looked at ways to create jobs and investment in Victoria through the biotechnology sector. Key players from 50 biotechnology companies and universities, along with industry experts and government staff were interviewed.
According to the report, industry needs the involvement of Local, State and Federal Governments to achieve its full potential. The most important role for Local Government is at the grass roots level, ensuring attention remains focused on fundamentals such as local job creation and attracting investment. Whittlesea Mayor, Councillor John Fry, said the report is a valuable tool.
“It explores how the BioCouncils can work together most effectively to develop the biotechnology industry,” he said. “It also identifies which niches within this broad sector offer the greatest opportunities for each of the six member Councils.”
Opportunities range from helping to establish a commercial biotechnology precinct, to attracting investment to develop a bio fuels industry. The Cities of Whittlesea and Hume are focused on emerging biotechnology areas of bio actives and complementary medicines that could lead to job creation in primary production, processing and manufacturing. An important aspect of biotechnology in Whittlesea involves Council’s partnership with RMIT University and the neighbouring La Trobe University.
The report identifies opportunities for the City of Melbourne to help establish a commercial biotechnology precinct within its boundaries.
The Cities of Monash and Knox are already home to several biotechnology companies working in the area of targeted diagnostics. New investments in medical imaging are being made. The main biotechnology opportunity for the City of Wyndham is in bio fuels and bio plastics, which are emerging fields likely to attract investors.
“Having a strong biotechnology industry means more than our best scientists working to develop new ideas and products,” Mayor Fry said. “Local Governments can advocate ensuring spin offs, such as primary production and manufacturing, stay in Victoria to create local jobs. Ultimately, as a group, the BioCouncils want to achieve a strong and detailed knowledge of the many pieces of the biotechnology pie. Achieving that will be good for our local economies and for Victoria as a whole.”
