Victoria leads Australia’s biotechnology research and development sector with significant strengths in the medical and agricultural fields, especially in oncology, neurosciences, regenerative medicine (including stem cells), infectious diseases, and genetics of dairy cattle and pasture grasses.
An estimated 167 life sciences companies are headquartered in Victoria. Of these,
- 41 companies are listed and have a combined market capitalisation of about $24 billion (at 1 June 2011),
- 12 companies are capitalised at greater than $100 million (at 1 June 2011).
Australia’s largest biotechnology company, CSL, is headquartered in Victoria. CSL is one of the five largest biopharmaceutical companies in the world (ranked by sales).
Victorian life sciences companies employ about 10,350 people (estimated at October 2010) and generated sales of about $10.8 billion in 2009–10, rising from $3.3 billion in 2003. These figures include Victorian-headquartered companies as well as foreign and multinational companies with significant operations in Victoria.
The broader Victorian life sciences sector also includes:
- 13 major independent medical research institutes
- 10 teaching hospitals conducting significant medical research
- 9 universities, all of which conduct life sciences research or teaching, and
- a number of clinical trials operators, contract research organisations, and private pathology groups.
Total income received by Victoria's medical research institutes has increased by 219% since 2000 to $473 million in 2010.
Clinical trial activity in Victoria continues to grow, with a greater number of Phase II and III trials now under way – reflecting a more mature sector and one with the capabilities, resources and skills to move products along the path to commercialisation.
Late stage clinical trial activity has increased by more than 50% since 2005.
