New report estimates $220 million in economic activity, $4.8 billion in potential “pandemic preparedness benefit” generated through from Moderna factory

Oxford Economics modelling commissioned by Moderna has predicted that the US biotech company’s Melbourne mRNA facility will add $220 million annually to Australian GDP, support 990 ongoing jobs, and deliver “pandemic preparedness benefits” worth as much as $4.8 billion over 30 years “based on the likelihood of a future pandemic”.

The Moderna Technology Centre in Melbourne (MTC-M) was officially opened at Monash University’s Clayton Campus last December. It made Australia the only Southern Hemisphere nation with end-to-end mRNA manufacturing. 

According to the Oxford report, the facility is expected to deliver an estimated $96 million directly to GDP “with an additional $124 million” from flow-on economic activity. 

The estimated $4.8 billion figure relates to “import of vaccines, lockdowns, and health impacts in the event of a future health emergency over a 30-year period.” 

“We recognise the critical role of the local mRNA sector in strengthening Australia’s health  and economic resilience,” said Moderna’s Australia and New Zealand General Manager, Michael Azrak.

“In a public health emergency, local matters. By investing in sovereign mRNA capability in Melbourne, Moderna is ensuring mRNA vaccines are made in Australia, for Australians. 

The site has capacity for up to 100 million vaccine doses per year for various diseases from COVID-19 to the flu and other respiratory diseases.

The company has said it is on-track to deliver the first batch of mRNA COVID-19 vaccines by the end of 2025.

The factory was established following a ten-year deal between the federal and Victorian governments and Moderna in May 2022. The exact value of the contract has not been publicly shared.

Picture: supplied

Further reading

Melbourne Moderna mRNA factory a step closer following announcement

Moderna launches mRNA Platform Incubator Network

Billion-dollar mRNA vaccine manufacturing deal secured with Moderna

Celebrating Australian sovereign capability – our emerging mRNA vaccine ecosystem

Moderna launches new R&D centre at Monash