Victorian State Government Provides More Funding For Biotechnology

A view of Melbourne's central business district at sunrise in Melbourne, Australia, on Jan. 24, 2022 . (Cameron Spencer/Getty Images)

The Victorian State government has announced more grants for medical companies to support local biotechnology manufacturing in the state.

The Minister for Industry Support and Recovery Martin Pakula has said that the grant will put Vicotria at the forefront of medtech manufacturing in the country and create hundreds of skilled job opportunities for Victorians.

“We’re putting Victoria at the forefront of medtech manufacturing to deliver new opportunities to local businesses and create jobs,” the minister for industry support and recovery Martin Pakula said.

“This grant program will help our Medtech manufacturers scale up production and turn ideas into real-life solutions that support our health system and boost the economy.”

From March 9, the $3 million (US$2.18 million) Medtech Manufacturing Capability Program will be accepting applications by eligible Australian biotechnology businesses.

An eligible business can receive grants of between $100,000 (US$72,000) to $500,000 (US$364,800) under the program.

To be considered eligible, companies must be based in Australia and have an operational facility in Victoria. The company must also be developing an eligible Medtech product at the time of application, and the product must either be manufactured in Victoria and worked as an enabling or preventative and treating medical device.

Eligible companies must make a gross revenue of $50 million (US$36.4 million) or less and will need to provide financial reports for the last three years. Grant funding must also be met on a 1 to 1 basis.

Successful applicants will also be given the opportunity to access local manufacturing services, infrastructure, and partner with other Victorian businesses to undertake new projects.

The program is delivered by the government’s Australian Medtech Manufacturing Centre, a $20 million ($14.6 million USD) initiative announced in Nov. 2020 as part of the 2021/22 Victorian Budget.

The hub was intended to “champion, develop and identify new opportunities for Victoria’s MedTech manufacturing and innovation sector.”

The funding announcement comes after the Labor government announced it would provide a grant for Lumos Diagnostics and Planet Innovation to locally manufacture rapid antigen tests (RATs) for a secure supply of the tests on Feb. 2, 2022.

Additionally, in Dec. 2020, another MedTech manufacturer, Compumedics, received support to make its Somfit medical-grade wearable monitoring device in Melbourne after a decade of manufacturing most of its products overseas.

Though both initiatives promised to increase employment locally and bring millions in revenue to the state, the amount of funding given by the Victorian state government has not been publicised.

Applications for the Medtech Manufacturing Capability Program open March 9 to April 5.