In an Australian first, the Victorian Government in partnership with Monash University and the University of Melbourne, today launched an $80 million enterprise that will help to accelerate the development of quality medicines to treat a wide range of diseases.
The initiative will combine Victoria's pharmaceutical research and development strengths into an accelerator model fast tracking medicine development along with advanced commercialisation skills and funding that is needed to address successfully the early stage "valley of death" that faces new discoveries.
The Government will contribute $10 million to the $60 million needed to get the enterprise underway, with the two universities having already committed $45 million.
The ground breaking partnership is expected to generate about $360 million in activity over the next 10 years, and will support the creation of new companies, increase investment and exports, and more specialised jobs.
This new partnership is part of the Government's Future Industries Fund Medical Technologies and Pharmaceuticals Strategy.
This article originally appeared on the Department of Economic Development, Jobs, Transport and Resources (DEDJTR) website on 2 June 2016.