Victorian government commits $55m to biotechnology

Coinciding with AusBiotech 2011, the Victorian government has released its Technology Plan for the Future, which commits $55 million to the biotechnology sector.

The plan covers two main areas, on which focuses on developing skills and helping Victorian biotechs attend international trade and investment events, and the other focuses on product development and regulation.

The plan includes a Health Market Validation Program, following on from the existing Smart SMEs Market Validation Program, which will offer $15 million in grants to biotechnology companies.

The Victorian government is already establishing a new Victorian Biotechnology Advisory Council, which will be composed of 10 to 15 individuals from the industry appointed by the Minister of Technology. The council will also assist in implementing the biotechnology plan.

The plan is available in full on the Victorian government’s website, although it’s heavy on promise, but light on details as to how the plan will be implemented.