Australia's Victoria State in R&D Agreement With Israel

The Australian state of Victoria has signed a bilateral R&D sharing deal with Israel, worth some US$12mn. The agreement is intended to improve the access of drug firms based in Melbourne or elsewhere in Victoria to Western markets, as well as secure specialist Israeli finance.

Victoria's state government claims to have invested more than US$250mn in new biotechnology and nanotechnology projects since 2000. Notably, Australia's free trade agreement with the US includes protection of intellectual property rights, the subject of considerable friction between the US and Israel. The latest deal is expected to speed the transfer of Israeli technologies for manufacturers targeting the US market. A similar bilateral deal with Canada has already led to the commercialisation of 10 projects developed jointly with Israeli biotech firms.