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Innovation Minister Kate Jones is this week ledaing a delegation to the United States on a trade mission to grow Queensland’s biotechnology and bioproducts industry.

More than 100 100 Queensland business and research leaders are attending BIO2019 including Bundaberg Mayor Jack Dempsey,Gladstone Mayor Matt Burnett, Moreton Bay Mayor Allan Sutherland and Mackay Mayor Greg Williamson.

“BIO 2018 in Boston drew over 16,000 biotechnology industry leaders from 67 countries. We want to tap into that. BIO is huge. This is where the world’s leading biotech investors come to see the next big thing or what has real potential in terms of returns for them,” Ms Jones said.

“Life sciences play an important role in diversifying Queensland’s economy and ensuring Queensland workers have access to the new jobs of the future.

“In Queensland, the industry is underpinned by strong research capability. Our scientists are working on everything from therapeutic, diagnostic and vaccine development to adult stem cell technology, ag-biotech, industrial biotech and tropical health research.

“Showcasing this great pool of talent at Bio is all about creating new export opportunities for Queensland businesses.”

Bio is the world’s largest gathering of global biotech and pharmaceutical leaders and will take place in Philadelphia from 3 – 6 June.

“Queensland is making its mark as a hub for medical imaging research, the development of promising biologic medical drugs and early-stage clinical trials,” Ms Jones said.

“Already Queensland’s medical bio tech and bio research industry is worth about $1.44 billion to the state’s economy and employs more than 9000 people. But we know these numbers will grow in the future,” she said.

“We now have a target to alsobuild a $1 billion export-oriented industrial biotechnology and bio-products sector with great potential to benefit our agriculture sector.

“Our companies like Ellume, Anteo Diagnostics, Luina Bio, Patheon, Magnetica and Cook Medical Australia, are doing really well.

“Cook Medical increased the manufacturing capacity of its Eight Miles Plains facility by nearly 70 per cent last year to keep up with growing global demand for its endovascular stent grafts – used in reinforcing weak spots in the aorta and thus saving lives.

“We want to empower Queensland businesses to capitalise on growing demand for this research and technology.”

Ms Jones said through the $650 million Advance Queensland initiative, the Palaszczuk Government was bolstering the state’s industrial capability with the aim of translating research into commercial outcomes.

“We’re creating alliances with some of the world’s biggest biotech and biopharmaceuticals companies so we can give Queenslanders a leg up,” Ms Jones said.

“Our start-ups are key to moving research along the commercialisation pipeline.

Life Sciences Queensland (LSQ) together with partners Thomson Geer Lawyers and Trade and Investment Queensland will give Queensland biotechnology companies and researchers a chance to pitch to international venture capitalists and foundations at a special LSQ Investment Seminar at BIO.

LSQ Acting CEO Clare Blain said the event would provide an excellent opportunity for Queensland biotech start-ups and researchers to attract key investment in promising biomedical discoveries.

“As a member-based organisation, our role is to proactively engage and promote Queensland’s strengths in pre-clinical and clinical trials, tropical and sub-tropical life sciences, biomedical research, and emerging industries,” Ms Blain said.

“This event will provide an opportunity to create new business opportunities which will in turn create more jobs for Queensland in the future.”

Philadelphia is one of the United States’ top life sciences hubs, employing more than 50,000 people working in research and development, manufacturing, and medical, diagnostic and testing labs.

The life sciences industry is one of the world’s fastest-growing industries with a recent Deloitte report projecting global health care spending alone to reach US$10 trillion by 2022.