February 18, 2011
Medicines Development is now an Approved Supplier for the Small Technology Industry Uptake Program.
The STIUP program will gives Victorian businesses the opportunity to increase their competitiveness by using small technologies to explore, adopt and integrate into improved products, processes and services. The STIUP will allow Victoria’s innovative small technology companies to demonstrate and commercialise their goods and/or services to new customers. The Program will provide support through a voucher system which can be exchanged for access to facilities, goods, services, advice or expertise.
Medicine Development’s program aims to address the growing skills shortage facing the industry and has been designed to equip Development Managers with specialised and practical, international standard medicine development expertise and to transfer these skills into the Victorian biotechnology sector.
The $1.3 million grant, announced in October by Innovation Minister Gavin Jennings at the opening of the 2010 AusBiotech conference in Melbourne, has been awarded under the Victorian Government’s Smart Small to Medium Size Enterprises (SME) Innovation Commercialisation Program (ICP) and will be utilised over three years to fund the recruitment, training and supervision of new Development Managers. Each of these managers will be placed into a biotechnology company and receive ongoing mentorship from Medicines Development’s senior managers.
In order to pass on the benefits of this award to Victorian biotechnology community, local companies will be able to access Development Managers recruited under the scheme at significantly discounted rates for the duration of the program.
Mark Sullivan, Director of Medicines Development said, “Local biotechnology companies are finding it increasingly difficult to attract people with the necessary skills and experience to fill key roles essential to the development of new medicines."
“This program aims to address this shortfall and represents a tremendous opportunity to develop critical expertise in project management relating to drug development and ensure these skills are readily accessible to Victoria’s biotechnology industry. In turn, this will help to increase the capacity for carefully managed and swift drug development within the sector.”
Smart SMEs ICP Victorian Government initiative is aimed at growing globally competitive businesses by building commercialisation skills and capabilities, improving access to finance and boosting the adoption of technology by industry. It is part of the Victorian Government’s wider commitment to building the State’s innovation base to drive future high-skill jobs creation and growth.
The Medicines Development model aligns with Smart SMEs ICP by offering a complete suite of services that will build the capability of the placement company through skill base transfer and corporate knowledge. Through this capability building and by providing an ongoing legacy, Medicines Development aims to enhance the capacity of placement companies in Victoria to facilitate technology transfer opportunities (e.g. research from an institute into a company) and navigate pathways to commercialisation.
Medicines Development is currently engaged in the development of a number of products in both preclinical and clinical stages using proven, industry-standard methodologies. The Company’s unique approach is to place a skilled, dedicated Development Manager within a client company, with the backing of the proven international development knowledge of its senior management and the functional expertise of their network of specialist advisors.