BIO 2004: Vics restate biotech dominance aim

Victorian premier Steve Bracks has used the BIO 2004 conference, which kicked off in San Francisco on Sunday, as a platform to reiterate the state's ambitious plan to become one of the top five biotechnology locations globally by 2010.

Bracks' announcement was bolstered by the release of the state's updated Biotechnology Strategic Development Plan (2004-2007), which outlines the progress of the state's industry on key performance indicators set in the original strategy in 2001 and set six new targets for the next three years.

"We've already surpassed many of the ambitious targets outlined in our 2001 plan. 68 new biotech companies have been established, which surpasses the target we set for ourselves of some 50 companies, so we're very pleased with that outcome," Bracks said.

"We have 10 new research or investment partnerships, with value of more than US$120 million, when we originally set a target of somewhere between $5 and $25 million. Clinical trial research investment has increased and at least six new manufacturing facility investments have been announced, valued at close to $200 million, surpassing the targets we set in 2001.

"The updated plan aims to generate a stable industry that develops products to the pre-market stage and encourages international partnering and investment."

The six new targets for the Victorian biotechnology industry include:

• Increasing the number of granted US biotechnology patents to more than 120 per annum.
• Establishing additional bioprocessing facilities for Victorian firms and the research sector.
• Increasing corporate biotechnology R&D expenditure to over AUD$500 million per annum.
• Raising venture capital investment into Victorian biotechnology to more than 40 per cent of the national venture biotech investment.
• Exceeding $1 billion combined value of partnership deals in aggregate.
• Becoming recognised internationally as the leading location for marsupial genomics.

"They are ambitious targets, they are stretch targets, but they are targets which we believe with further investment, further support... can be achievable," Bracks said in a statement.

Treasurer and innovation minister John Brumby, who is also attending BIO2004, said a recent report by Ernst and Young showed Australia's biotechnology sector was running in about sixth position globally.

"Australia is probably running sixth and Victoria is nudging the top 10," Brumby said. "We're heading on track and making very exciting progress. We're absolutely committed to this."