General Portfolio Press Releases

23
Apr

Victorian and Massachusetts life sciences companies to join forces

General Portfolio Press Releases



















Victorian Minister for Technology Gordon Rich-Phillips today joined the Massachusetts Life Sciences Center (MLSC) to officially launch a new initiative to connect Victorian life sciences companies with counterparts in Massachusetts.

The Building Global Bridges initiative is the Victorian arm of the MLSC’s new International Collaborative Industry Program (ICIP) which seeks to promote collaboration and idea exchange between life sciences companies around the world, as well as to stimulate the development of new products or processes intended for commercialisation.

Mr Rich-Phillips said applications are now open for Victorian life sciences companies to collaborate with Massachusetts life sciences companies.

“Building Global Bridges will enable Victorian and Massachusetts company partners from biotechnology, pharmaceuticals, medical devices, diagnostics and bioinformatics to submit project applications,” Mr Rich-Phillips said.

“The Victorian Coalition Government is contributing A$1 million as part of the initiative and matched-funding grants of between A$100,000 up to A$500,000 are available for eligible Victorian life sciences companies.”

Mr Rich-Phillips said Victoria and Massachusetts share many features, including a global reputation for excellence within life sciences.

“This new initiative will help accelerate late-stage life sciences R&D projects being undertaken by a Victorian company in collaboration with a Massachusetts company,” Mr Rich-Phillips said.

“Building Global Bridges will greatly benefit the Victorian life sciences industry by providing greater opportunities to develop products, processes and services, as well as by linking our vibrant biotechnology industry to global markets.

“The Building Global Bridges initiative is a key component of Victoria’s Technology Plan for the Future – Biotechnology – a $55 million plan to support Victoria’s life science industry and drive greater use of biotechnology across other industries.”

Through the MLSC, Massachusetts is investing in the growth of the state’s life sciences supercluster. These investments, including ICIP funding, are being made under the
Massachusetts Life Sciences Initiative, proposed by Governor Deval Patrick in 2007, and passed by the State Legislature and signed into law by Governor Patrick in 2008.

Dr Susan Windham-Bannister PhD, President and CEO of the MLSC, said no single country or region can solve the challenge of developing the next generation of drugs and medical devices on its own.

“The breakthroughs of tomorrow will only be possible through collaboration like that which we are fostering between Massachusetts and Victoria,” Dr Windham-Bannister said.

The announcement comes as part of a Victorian life sciences mission to the BIO2013 International Convention in Chicago, led by Minister Rich-Phillips.

The BIO International Convention is the largest global event for the biotechnology industry, offering key networking and partnering opportunities and providing insights on the major
trends affecting the industry.

For further information about the Building Global Bridges initiative, visit www.business.vic.gov.au/bgb or email bgb@dbi.vic.gov.au

Media Contact: Kristy McSweeney +61 408 451 658

Source: Gordon Rich-Phillips - Minister for Technology

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