Govt and industry fund health and biotech innovation in SEQ

The Australian and Queensland Governments are joining with industry partners to help South East Queensland become a leading innovator in health and biotech, through the SEQ Innovation Economy Fund.

The fund has awarded eight successful projects $94 million in joint government funding, while industry leaders across critical sectors are co-contributing over $122 million. In total, the partnership between governments and industry will unlock $217 million worth of investments across South East Queensland.

Projects supported under the fund include the following:

• A $25 million grant to establish the Health and Advanced Technology Research and Innovation Centre (HATRIC) on the Gold Coast will build on the region’s leadership in biomedicine, biotechnology and additive manufacturing.
• Bringing together Griffith University, neighbouring hospitals and medical institutes, the project will leverage another $75 million from partners to expand the cutting-edge Gold Coast Health and Knowledge Precinct. It already employs more than 14,000 people, and is home to innovation such as the world’s first artificial rotary heart.
• An Australian-first biomedical scale-up and manufacturing facility will be established at the Bogo Road Innovation Precinct, thanks to $3 million in funding. It will support startups to develop innovative medical products, manufacture them onsite and undertake clinical trials, positioning Brisbane to become a leader in bio-manufacturing.
• A $25 million grant has been awarded to the AATLIS Innovation Precinct Industry Biotechnology Centre (IBC) to bring together startups and industry leaders to establish Australia’s first vertically integrated biotechnological facility to support the rapid design, building and testing of new solutions for the agriculture sector.
• The University of Sunshine Coast Innovation Centre will be upgraded with five new specialist innovation labs to boost jobs and accelerate the local economy, thanks to a nearly $3 million investment.
   

“The Albanese government is building Australia’s future by backing Queensland innovation,” said Minister for Cities Jenny McAllister.

“By bringing together the expertise of universities, research institutes and industry, we can boost innovation and create local jobs.

“It’s terrific to see investment in biotech that will not just improve health outcomes, but also provide opportunities to build our economic future by leveraging world-class research.”

For more information on the SEQ Innovation Economy Fund, click here.

Image credit: iStock.com/SaintM Photos