The Victorian Government has announced a new $55 million plan to support the state’s biotechnology sector through its next stage of development.


State Minister for Technology Gordon Rich-Phillips said the plan forms part of the State Government’s suite of strategies under Victoria’s Technology Plan for the Future.


"The biotechnology plan will support the sector in overcoming current and future challenges, while promoting biotechnology-enabled innovation more broadly across Victorian industry and generating opportunities from technology convergence,” Mr Rich-Phillips said.


"For the first time, the Government will establish a number of dedicated programs that will directly support the biotechnology sector and encourage the uptake of biotechnology.”


The plan covers two action areas:

  • Capability Development – support to develop the necessary talent pool, capitalise on our world-class R&D base, and pursue international trade and investment opportunities; and
  • Biotech-enabled innovation – focusing on demand-driven product development, uptake programs, demonstration projects and regulatory reform.


A Technology Trade and International Partnering Program will provide grants for Victorian companies to attend overseas biotechnology conferences and trade events.


Minister Rich-Phillips said biotechnology was a "one of the most transforming technologies of our time".


"Our vision for the future is to bring together the transformative power of the major technology platforms – biotechnology, ICT and small technologies – to unleash greater innovation and wider economic benefits.


"It is this approach which will not only propel results for our biotechnology sector, but also enable growth, productivity and competitiveness in other industries," Mr Rich-Phillips said.