Vic Budget brings in the bucks for biotech

Victoria's government has unveiled a cash injection of $68.7 million for biotechnology and commercialisation, including a doubling in funding for medical research infrastructure in a bid to lure top scientists back to the state.

In yesterday's State Budget, Treasurer and Innovation Minister John Brumby said strengthening Victoria's biotech sector was central to the government's 10-year plan, which aimed to make the state one of the world's top five biotech hubs.

"The biotech industry is growing rapidly with start-up companies keen to develop products they can take from the laboratory to the market," Brumby said.

"This plan will foster the continued development of beneficial networks and relationships between Victorian based biotechnology companies and international partners.

"The plan focuses on building a pool of skilled people in science, new product development, and commercialisation as well as growing the state's science and research infrastructure."

The Budget allocation includes $27 million to implement the government's Biotechnology Strategic Development Plan and $6.7 million for commercialisation activities including the Centre for Innovation and Technology Commercialisation in Melbourne and strategic cooperative research centres (CRCs).

The government also committed $35 million over four years to improve medical research infrastructure, saying this doubled the amount previously spent on institutes.

Brumby also restated the government's allocation of $100 million towards the Synchrotron project and an extra $2.9 million a year to establish the platform technology, which is to be completed by 2007.

He said the Budget built on existing programs including the $310 million Science, Technology and Innovation initiative.

But the opposition labelled the Budget initiatives a "grab bag of overdue and under-funded programs" with little capacity to move the state forward.

Opposition technology and innovation spokesman Victor Perton accused the Bracks government of simply continuing to fund the previous Liberal Government's programs of five or more years ago.

"The money being allocated is a tenth of the amount announced by the former Kennett Government," Perton said.

"It is pure political spin - an attempt to lull Victorians into a false sense of security, with an eye towards shoring up support in the science, technology, biotech and business communities."