Victoria’s manufacturing sector has received a healthy boost from a new state-of-the-art facility in Dandenong South that will create 150 new full-time jobs over the next three years.
Nutribiotech, a leading nutritional supplement producer with factories in China, Korea and the US, has chosen Victoria as the location for its fourth global manufacturing facility thanks to support from the Andrews Labor Government.
“This represents one of the biggest Korean investments in Victoria and shows that Victoria is a great location for pharmaceutical investment. We will continue to work with local and international companies to encourage investment that will grow our medtech and pharma sector and create jobs for Victorians.”
Minister for Trade and Investment Philip Dalidakis
The Korean-based company makes vitamins, minerals and nutritional supplements for several major Australian brands. It also produces its own products and exports to more than 25 countries around the world.
The new Dandenong South facility is a complete manufacturing system that takes products from concept and R & D right through to manufacture and final packaging.
With the global life sciences industry expected to grow from its current value of $US1.6 trillion to more than $US2 trillion by 2023, it is important that Victoria is investing in this industry.
Victoria is already a world-leading location for the development and manufacture of biotechnology, medical technology and pharmaceutical products, and the recent State of the Sector Medical Technologies and Pharmaceuticals 2017 report showed that pharmaceutical manufacturing in Victoria is booming.
“Victoria’s highly skilled workforce and world class expertise in medical technologies and pharmaceuticals make it the perfect place for Nutribiotech to make this major investment in a new state-of-the-art facility.”
President Nutribiotech Australia Mr Edward Kwon
The state’s pharmaceutical exports grew 60 per cent in 2016 and the state now produces 47 per cent of Australia’s total pharmaceutical exports.
The medtech and pharmaceutical sector currently employs more than 23,000 people, generates over $12.7 billion in revenue and contributes over $1.35 billion in exports to the Victorian economy.