Nutribiotech, a leading nutritional supplement producer with factories in China, Korea and the US, has chosen Victoria as the location of its fourth global manufacturing facility.
The leading Korean manufacturer has opened a new state-of-the-art factory in Dandenong South (in Melbourne's south-east) that will create 150 new full time jobs.
Image: Nutribiotech's new manufacturing plant in Dandenong South, Melbourne
The company makes vitamins, minerals and nutritional supplements for a number of major Australian brands as well as producing their own products, and exporting to more than 25 countries around the world.
The new facility is a complete manufacturing system that takes products from concept to R&D, and from sourcing raw ingredients, through processing, to final packaging.
Nutribiotech’s arrival in Victoria represents the largest Korean investment in the state to date, and was secured with the support of the Victorian Government.
With the global life sciences industry expected to grow from US$1.6 trillion today to more than USD$2 trillion by 2023, there is increasing demand for high-quality health products.
Victoria is already a world-leading location for the development and manufacture of biotechnology, medical technology, and pharmaceutical products.
The State of the Sector Medical Technologies and Pharmaceuticals 2017 report which was released recently, showed pharmaceutical manufacturing in Victoria is booming.
Victoria’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 A$12.7 billion in revenue and contributes over A$1.35 billion in exports to the Victorian economy.