"Three new initiatives will develop commercialization skills for early career researchers, improve business development and deal-making skills within businesses, and support around 800 sector leaders with strategy and governance," he said.

Mr Rich-Phillips said Victoria's innovative biotechnology industry was recognized as a world leader.

"Biotechnology employs some 22,000 Victorians and around 150 life science companies have their headquarters here, including CSL, one of the world's largest biopharmaceutical companies," Mr Rich-Phillips said. "We are also home to 13 major independent medical research institutes, 10 teaching hospitals, nine universities and a range of clinical trial operators and contract research organizations."

The government has helped key players in the industry attract investment and create new jobs through successful trade missions to India and China. "We are also making a $55 million investment to support enabling technologies in the biotechnology industry," Mr Rich-Phillips said.