New jobs and industry
There are very long lead times to bring medical discoveries in the pharmaceutical area to a point where commercial opportunities can be realised. A major focus of the ACMD will be the fabrication of medical devices which have a much shorter lead time from development to market.
The ACMD will reduce operational expenditure and increase staff and capital efficiencies with shared laboratory support, IT infrastructure, technical support platform technologies and flexible laboratory designs all contributing to these efficiencies.
New bioengineering industries will compete at an international level, leading to significant employment opportunities.
The biotechnology industry in Australia now includes over 1,000 companies, with medical exports now one of Australia's largest manufacturing export categories.