From Research Engine to Economic Powerhouse

The Victorian Government released its strategic plan for the Melbourne Biomedical Precinct – From research engine to economic powerhouse – in April 2018.

Developed by the Melbourne Biomedical Precinct Office in collaboration with our Precinct Partners, Victorian Government agencies and the City of Melbourne, the strategy provides an important framework to shape this Precinct’s future to deliver even better health outcomes, as well as economic value and jobs for Victoria.

The strategy outlines four key areas to shape our focus over the next ten years:

  • Increase impact through a greater focus on commercialisation
    Transforming the Melbourne Biomedical Precinct into an economic powerhouse will mean more Victorian discoveries are translated into lifesaving drugs and treatments. It will deliver jobs and investment, more clinical trials and value capture that might otherwise go offshore.
  • Unlock value from digital health and big data
    Globally, healthcare and biosciences industries are experiencing a data deluge with the quantum of health data increasing at exponential rates. Getting high quality data, in the right format at the right time and with the right analysis, will turn Victoria’s data into useful information that can support clinical and commercial endeavours.
  • Deliver the best facilities and infrastructure
    Located on the doorstep of the central business district, the Melbourne Biomedical Precinct partners and collaborators need to utilise existing inner city spaces well and network effectively with nearby precincts to accommodate more people and facilities.
  • Develop, attract and retain top talent
    The quality of their people is what enables knowledge based industries like medical research and biotechnologies to thrive. The best biomedical precincts around the world aggressively pursue talent to remain competitive, working hard to offer a vibrant lifestyle with rich and collaborative career opportunities.

The Melbourne Biomedical Precinct Office will work with its precinct partners, all levels of government, industry, investors, and other biomedical precincts across Victoria to deliver the outcomes set out in the strategic plan.

Want to know more about the Melbourne Biomedical Precinct? Read more here