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New Queensland biotech investment shows policy certainty brings industry investment

Thursday, 20 May 2010

Media Release

Medicines Australia today welcomed the announcement of new pharmaceutical investment in Queensland biotech sector.

Pharmaceutical company Eli Lilly has today announced a new investment of up to $50 million in a Queensland biotechnology venture capital fund.

“This is exactly the sort of investment that having a strong innovative pharmaceutical industry located in Australia leads to,” said Dr Brendan Shaw, Chief Executive.

“I’m encouraged that the company believes the pricing certainty provided by the recent Commonwealth Government-Medicines Australia Memorandum of Understanding for the Pharmaceutical Benefits Scheme helps foster investments like this one in Queensland’s biotech sector.”

“The predictability provided by the MoU provides the platform for pharmaceutical companies to plan their operations in Australia, and that includes their investment decisions.”

“Given the long lead times in the pharmaceutical industry to develop new medicines and introduce new investments, pricing predictability provided through the PBS can be an important influence on companies’ decisions to bring new medicines to Australia and invest in Australian research and industry.”

Australia’s pharmaceutical industry conducts $930 million in annual R&D, employs around 14,000 people in high skilled jobs, and exports $4 billion a year in manufactured exports, making it one of Australia’s leading manufacturing export industries.

Medicines Australia represents 80 per cent of Australia’s pharmaceutical industry.

–ENDS–

Contact Person:

Donna Edman
Executive Director Public Affairs
Phone: 0419 850 174
Email:
donna.edman@medicinesaustralia.com.au

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