ANNOUNCEMENT 04 Apr 2022

Under the Australian Modern Manufacturing Initiative (MMI)'s Collaboration Stream, the Australian Government granted the Australian Precision Medicine Enterprise Project AUD 23 million.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The Australian Prime Minister. Home. Media Centre. "Locally Made Medicines" of 4 April 2022. Available at:
https://www.pm.gov.au/media/locally-made-medicines

Monash University. Home. News & events. Latest news. "Monash awarded $23M federal funding as part of $71M Australian Precision Medicine Enterprise (APME) project" of 4 April 2022. Available at:
https://www.monash.edu/news/articles/monash-awarded-$23m-federal-funding-as-part-of-$71m-australian-precision-medicine-enterprise-apme-project#:~:text=The%20Australian%20Precision%20Medicine%20Enterprise,the%20Australian%20radiopharmaceuticals%20manufacturing%20sector.

Global Medical Solutions. News. "Global Medical Solutions Australia Awarded $23M Federal Government Funding as part of $71M Australian Precision Medicine Enterprise (APME) Project" of 4 April 2022. Available at:
https://globalmedicalsolutions.com/2022/04/04/gms-apme-project/

Inception date: 04 Apr 2022 | Removal date: open ended

Financial grant

On 4 April 2022, the Australian Government allocated an AUD 23 (USD 17) million financial grant to the Australian Precision Medicine Enterprise (APME) Project under the Collaboration Stream of the Modern Manufacturing Initiative (MMI). Global Medical Solutions, Telix Pharmaceuticals, and Monash University are collaborating to manage the project. 

The goal of the APME Project is to manufacture precision medicines in Australia and reduce reliance on overseas providers, as nearly 90% of Australia's medicines are imported. The APME Project will house a PET and high-energy 30MeV cyclotron, as well as various production clean rooms. In summary, the APME Project "aims to be a state-of-the-art and region-leading contract development and manufacturing organization (CDMO) facility" while "manufactur[ing] the entire life-cycle of a product, from pre-clinical to clinical trials, and [manufacturing] commercial radiopharmaceuticals." It is expected that the Project will create 42 direct jobs and 105 along the supply chain. 

The Collaboration Stream is an AUD 800 million initiative, with individual grants ranging from AUD 20 and AUD 200 million. To see other interventions related to the Collaboration Stream, and the MMI, please, see related state acts.

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