Exports from Victoria’s pharmaceutical sector are booming, growing by 255 per cent over the past four years making it the state’s highest-value export product, according to new data.
A report released by ACIL Allen Consulting found that sector has generated $39.6 billion in additional revenue over the 20 years between 1999 to 2017 and tripled economic benefit on investments.
There are more than 22 Victorian pharmaceutical manufacturers exporting product to international markets using the state’s advanced manufacturing capabilities.
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The sector is growing rapidly, contributing more than $2.2 billion in exports in 2018 compared to $873 million in 2014.
Victorian Jobs, Innovation and Trade Minister, Martin Pakula, has called the medtech and pharmaceutical industry one of the state’s most important sectors, not only for its contribution to our economy, but also for the impact its products can have on the lives of people around the world.
“We’re proud to play our part in supporting the medtech and pharma sector, because the evidence shows the benefits are significant for the industry, for local jobs and for our entire economy.”