Welcome biotech funds for Victoria

The Victorian Government has announced a new science agenda worth $145 million, along with a $20 million Biotechnology Bridges fund to help support the state's biotechnology sector.

The Victoria's Science Agenda (VSA) includes an investment fund for competitive science grants and a Strategic Projects Fund to develop research facilities and platform technologies, as well as to boost private and public R&D investment.

Announcing a total of $300 million in funding for innovation programs, including the $50 million already promised for the life sciences supercomputing facility at Melbourne University, Premier John Brumby said the extra money would bring the state's total commitment to innovation to more then $1 billion this year.

He announced the new funding at IDT Australia's new manufacturing facility, where the company will produce active pharmaceutical ingredients.

A large part of the funding will go towards the life sciences and biotechnology, in addition to investments in climate change technologies and agricultural biotechnology.

There is also a $40 million Boosting Highly Innovative SMEs (BHIS) initiative, based on a US small business innovation fund, aimed at companies developing innovative technology products and services. $12 million will go towards a technology commercialisation program and $28 million to a market validation program.

The CEO of the BioMelbourne Network, Michelle Gallaher, which represents 180 Victorian biotech companies, likened the news to drought relief for the biotech sector.

"We are thirsty for some good news regarding funding for biotech and it seems [the statement] will provide some relief," Gallaher said.

"To use an agricultural biotech analogy, we need the ongoing support of governments to keep this young sector alive. Without a helping hand from government, good ideas will wither on the vine."