A world-leading biomedical startup precinct will be established in the heart of Sydney with a focus on tackling cancer and neurodegenerative diseases.
The University of Sydney announced on Monday it will build a $478 million biomedical precinct spanning some 36,000 square metres between Royal Prince Alfred Hospital and its sandstone campus.
Due for completion in 2026, the Sydney Biomedical Accelerator (SBA) is expected to attract around 1200 scientists to research cancer and neurodegenerative diseases by harnessing the latest in nanotechnology as well as gene and stem cell therapy.
University Vice-Chancellor Mark Scott says the investment "gives our renowned researchers and partners the infrastructure to take a major step forward in the global quest to find solutions to our biggest health challenges".
"We have the potential to dramatically improve the future of health and medical care in this country," he said.
The SBA will bring industry and research in one technological hub to develop gene and cell therapies through viral vectors for example developed at the university's research facilities at Westmead Hospital in western Sydney.
The university says the work will place Sydney at the forefront of global biomedical research, enabling it to attract international talent and fast-track research commercialisation.
Biomedical research and development and commercialisation is a growing global market with a current spend of US$235 billion, and growth forecast at four-to five per cent per annum over the next five years.
