the Collaboration Stream of the Modern Manufacturing Initiative. Australia now imports more than 90% of its pharmaceuticals. Global Medical Solutions Australia will collaborate with Monash University and Telix Pharmaceuticals to develop precision medicines in Australia for the treatment of cancer, renal disease, and other diseases. This project, together with the facility that will be built in Clayton, Victoria, will safeguard the sovereign capability of Australia, while also generating an estimated $461.8 million in economic benefits over the next 15 years.
According to Prime Minister Scott Morrison, the investment emphasizes the Government’s dedication to advancing Australia’s pharmaceutical production capacity. The Prime Minister expressed optimism over the project. He said, “Making medicines like these right here means more security from disruptions, more homegrown skills and more local jobs. Building up our ability to make products like these is key to our plan for a stronger future. The pandemic has shown us more than ever before we need access to what Australians need here at home and this project will help ensure we have critical precision medicines for our patients. The Australian Precision Medicine Enterprise will help cement precision medicine development here in Australia, also helping deliver a stronger economy by growing opportunities for our medical sector and the highly-skilled jobs it supports.”
The 2022-2023 Budget reaffirmed the Morrison Government’s commitment to manufacturing by allocating an additional $1 billion to the Modern Manufacturing Strategy, which includes an additional $750 million for the Modern Manufacturing Initiative. According to Angus Taylor, Minister for Industry, Energy, and Emissions Reduction, these initiatives will assist bring technology and knowledge to Australia that are not currently available, while also establishing new sovereign capabilities. The facility will also directly support 42 employment and indirectly assist another 105 through the supplier chain.
Taylor expressed hopes over the project. He said, “This project will see the construction of a new facility that will house a high energy 30 mega-electron volt (MeV ) cyclotron, which will be a new domestic source of critical radioisotopes – which are currently imported into Australia – and will be used in the treatment of cancer, kidney disease and other illnesses”. He added, “By combining research and development and the manufacture of precision medicines locally we are shoring up our supply chain resilience. These projects will also create highly-skilled jobs in the medical sector, such as radiochemists, radio pharmacists and engineers, while also reducing our reliance on overseas suppliers of vital medications.”
Greg Hunt, Minister for Health and Aged Care, noted that he expected a fantastic collaboration between the Monash Biomedical Imaging Center, the National Synchrotron, and the Victorian Heart Hospital on the project. Hunt expressed confidence in the facility. He said, “Not only will this facility and the precision medicines it will help lead to better patient outcomes, it will help bolster Australia’s entire medical ecosystem. This project will help realize the incredible potential of medicines that are customized to patients, all the way from clinical trials to their local manufacture right here at home.”
