The Federal Government has announced $23 million in support for the $71.2 million Australian Precision Medicine Enterprise as part of the Modern Manufacturing Initiative’s Collaboration Stream.
Global Medical Solutions Australia will collaborate with Monash University and Telix Pharmaceuticals to develop precision medicines in Australia for the treatment of cancer, kidney disease, and other disorders.
Currently, more than 90% of Australia’s pharmaceuticals are imported. This project, as well as the facility that will be built in Clayton, Victoria, will ensure Australia’s sovereign capability, with an estimated economic impact of $461.8 million over the next 15 years.
Prime Minister Scott Morrison said the Government was committed to supporting new jobs in Australia’s innovative medical sector and investing to secure local manufacturing of life-saving medicines.
Making medicines like these right here means more security from disruptions, more homegrown skills and more local jobs,” the Prime Minister said.
“Building up our ability to make products like these is key to our plan for a stronger future.
“The pandemic has shown us more than ever before we need access to what Australians need here at home and this project will help ensure we have critical precision medicines for our patients.
“The Australian Precision Medicine Enterprise will help cement precision medicine development here in Australia, also helping deliver a stronger economy by growing opportunities for our medical sector and the highly-skilled jobs it supports.”
Minister for Industry, Energy and Emissions Reduction Angus Taylor said the initiatives would help onshore technology and expertise that is currently unavailable in Australia, while also establishing new sovereign capability.
“This project will see the construction of a new facility that will house a high energy 30 mega-electron volt (MeV ) cyclotron, which will be a new domestic source of critical radioisotopes – which are currently imported into Australia – and will be used in the treatment of cancer, kidney disease and other illnesses,” Minister Taylor said.
“By combining research and development and the manufacture of precision medicines locally we are shoring up our supply chain resilience.
“These projects will also create highly-skilled jobs in the medical sector, such as radiochemists, radio pharmacists and engineers, while also reducing our reliance on overseas suppliers of vital medications.”
Minister for Health and Aged Care Greg Hunt said the Monash Biomedical Imaging Centre, National Synchrotron, and Victorian Heart Hospital will work together on the project.
“Not only will this facility and the precision medicines it will help lead to better patient outcomes, it will help bolster Australia’s entire medical ecosystem,” Minister Hunt said.
“This project will help realise the incredible potential of medicines that are customised to patients, all the way from clinical trials to their local manufacture right here at home.”
According to the Government’s statement, the facility will directly support 42 jobs, as well as a further 105 jobs along the supply chain.
