Victorian pharma and medtech export growth soars


A new report says Victoria’s pharma and medtech sector is booming, with new data released this week showing that Government support has fuelled exceptional export growth.

The report by ACIL Allen Consulting shows that over 20 years between 1999-2017, Government support for the sector has generated $39.6 billion in additional revenue and delivered more than a three-fold economic benefit on investment.

The latest trade data also reveals that Victoria’s pharmaceutical exports have grown 255 per cent over the past four years, earning $2.2 billion in 2018 and making it the state’s highest-value manufactured export product.

The life sciences industry is a significant and economically-important driver for Australia’s future, generating more than $5 billion in exports each year, and AusBiotech works to champion its growth potential.