The Prime Minister Julia Gillard and the Premier of Victoria John Brumby have announced IBM will establish what it claims will be a world-first global research and development laboratory at the University of Melbourne.

Victorian Premier, John Brumby, today announced the Victorian Biotechnology Action Plan, which will provide $55 million of government money to spur biotech in the southern state. [ + ]

After a promising start to the year, economic instability and political uncertainties, along with stumbles by key companies, have put a dent in confidence amongst biotechs, but it’s not all bad news. [ + ]

UniQuest, the commercialisation arm of the University of Queensland, will be showing off a host of new innovations and projects, including a cell-based therapy to combat infections in cancer patients undergoing chemotherapy. [ + ]

The S&P/ASX 200 Healthcare Index fell for the week while the broader market just clung onto positive territory. [ + ]

The Cancer Institute of NSW has provided funding of $3.7 million to the Garvan Institute’s Cancer Research Program to support work into determining key biomarkers for breast, prostate and pancreatic cancer. [ + ]

The Western Australian Institute for Medical Research (WAIMR) has secured $650,000 from the Medical Research Commercialisation Fund (MRCF) to advance its work looking at the potential anti-cancer properties of the microRNA molecule miR-7 as well as the formation of a new company to act as a commercial vehicle. [ + ]

Computer giant IBM has announced that it will build a new state-of-the-art research facility at Melbourne University designed to support disease research and biotechnology as well as advance knowledge of the environment and agricultural sustainability. [ + ]

VWR International has acquired the businesses of Crown Scientific, Global Science & Technology and Quantum Scientific.

The Gillard government has introduced the R&D Tax Credit to replace the existing R&D Tax Concession with a claimed to be more certain and more generous R&D incentive to business, particularly SMEs.

They hold the promise of not only treating manifold diseases, from Type 2 diabetes, to neurodegenerative, cardiovascular and inflammatory disease, but also of extending life and improving general health. [ + ]

Innovation, Industry, Science and Research Minister Senator Kim Carr is encouraging individuals and organisations to apply for National Science Week grants and run events and activities that promote Australia’s talent in the area of science.

Invetech, the company that created the 3D Bio-printer for human tissue repair and organ replacement, has been commended for its export success at the 2010 Governor of Victoria Export Awards.

Researchers from Edinburgh University have published a study demonstrating the abiliy of a new experimental compound to actually restore the memories of mature mice. [ + ]

The world’s largest pharmaceutical company Pfizer said on Tuesday that had reached an agreement to by US pain drug developer King Pharmaceuticals in a cash deal worth $3.67 billion. [ + ]