Victoria's Technology Plan for the Future - Biotechnology

Victoria's Technology Plan for the Future - Biotechnology will help position Victoria's biotechnology sector for the next stage of growth. The $55 million plan will support biotechnology companies and the R&D sector to remain competitive in a challenging global environment, while promoting biotechnology-enabled innovation more broadly across Victorian industry and generating opportunities from technology convergence.

The plan covers two action areas:

Capability development - working closely with the biotechnology sector, to ensure that the right conditions exist in Victoria to support our world-class R&D base, ensure competitive and recognised biotechnology businesses, as well as attract, train and retain skilled and innovative people.

Initiatives in this action area focus on:

• World-class R&D - sustaining and improving the R&D sector's ability to keep up with global developments and work with industry to solve problems and translate research into commercial outcomes, as well as the right skills, conditions and access to facilities to support collaboration.
• Skilled and innovative people - ensuring companies have access to the right skill base to excel in a dynamic global market place.
• Pursuing international trade and investment opportunities - assisting companies to showcase their achievements and potential to international and institutional investors in order to access the capital they need to grow.

Biotech-enabled innovation - working with industry and the public sector to ensure high level biotechnology capabilities are in place to support innovation across the economy by promoting demand-driven product development, improving access to R&D infrastructure and expertise, and working to improve Victoria's competitiveness and productivity.

Initiatives in this action area focus on:

• Demand driven product development - supporting the biotechnology sector to develop the capabilities and relationships they need to respond to market demand for technology solutions.
• Linking industry to capability - improving linkages between industry and the State's capabilities, and providing access to technology platforms, information and know-how to facilitate biotechnology enabled-innovation.
• Improving competitiveness - sustaining a competitive biotechnology sector, including reducing the regulatory burden on industry, enhancing Victoria's reputation as an attractive investment location and maintaining public support for biotechnology.

The plan includes a number of dedicated programs that will directly support the biotech sector and encourage the uptake of biotechnology.