Minister for Jobs and Industry Natalie Hutchins has announced investment aimed at IDT Australia to build a new facility which will create 25 highly skilled manufacturing jobs.
The Allan Government is making sure more live-saving cancer treatments are made in Victoria, with the expansion of this national pharmaceutical manufacturer creating more local jobs.
The investment is a part of the Government’s $15 million Made in Victoria – Industry R&D Infrastructure Fund and our $20 million Manufacturing and Industry Sovereignty Fund.
Minister for Jobs and Industry Natalie Hutchins said the funds aim to boost the local MedTech sector to drive new developments, save lives and create new local jobs.
“We’re making sure we create more jobs and industry opportunities right here in Victoria. That’s why we’re investing in this nation-leading facility that will save lives and support more local manufacturing and employment opportunities,” said Hutchins.
The new facility will be home to four new laboratories featuring world-class equipment to create and manufacture life-saving cancer treatment therapies called Antibody Drug Conjugates (ADCs).
This new facility is set to be the first and only facility in Australia to locally produce accredited ADCs, which are targeted medicines that deliver chemotherapy agents to cancer cells.
With this treatment set to replace almost 50 per cent of all chemotherapies in the next 15 years, this new facility will make it easier to access treatment.
ACDs have highly accurate targeting ability which means more efficient treatment for patients and changing the lives of countless people battling the disease.
IDT Australia CEO Paul McDonald said the company is thrilled with the support of the Victorian Government.
“We are thrilled with the support of the Victorian Government to accelerate our advanced technology in antibody drug conjugates and add to the state capabilities in this progressive technology to treat cancer patients,” said McDonald.
This investment backs our world-class medtech sector which includes 650 medtech companies that employ 6,000 people and generate $1.4 billion in economic value every year.
