Pharmacy Australia Centre of Excellence - (PACE)

The vision of PACE “To facilitate world-class, pharmaceutical research and development, in pursuit of new drug technologies and strategies that positively impact on human health, by co-locating the pharmacy profession, industry, education, research and commercial innovation in state-of-the-art facilities”.

What is PACE? Australia’s leading facility for pharmaceutical research, education, and drug commercialisation Focus for biotransitional research emphasising commercialisation and marketing and supporting the role of pharmaceuticals as valuable domestic industry / increasingly significant earner of export income for Australia Unique partnership between pharmacy profession and industry, the education sector and the Queensland Government Only centre in Australia where all phases of pharmaceutical development will take place in the one precinct – a unique pharmaceutical / biotech collaboration Innovative clustering project that will provide world-class research, business and education facilities

Who will use PACE? Upon completion, PACE will be home to a number of educational, professional and industry organisations, including: The University of Queensland School of Pharmacy The Pharmacy Guild of Australia The Guild Insurance & Financial Services The Pharmaceutical Society of Australia A number of Australia’s leading biotechnology and pharmaceutical organisations Princess Alexander Hospital

Key Features 10,000 sq m of office, laboratory and teaching space to house School of Pharmacy, The Pharmacy Guild of Australia, the PSA and other project partners 5,500 sq m of leasable laboratory and office space for pharmacy, biotechnology and other industry tenants Education / conference centre Meeting rooms Synergy with Government initiatives: – Queensland State Government – “Smart State” – Federal Government – “Backing Australia’s Ability”

Proposed Development

The Site PACE will be located on 1.7 ha of land at Dutton Park, adjacent to the Princess Alexandra Hospital

Benefits Provide a National Centre for Quality use Medicines Research 650 Positions – Construction 450 Position – Long term Link with research groups at P.A. Hospital

Benefits Provide extra ‘incubator’ space for BioPharma Link National Medicine policy research to P.A. and Health Community Provide added Clinical Pharmacy input to P.A. and Community

Research income graph $1.4 million, Academic Detailing Grant, DHAC $650,000+, 500MHz flow through NMR, Wellcome $1 million+, Pain Therapy Grant, R&D START (Ausindustry)

Funding - $60 million Options: 3 way spilt with Partners: UQ/Pharmacy Groups Queensland Government Federal Government Public / Private Partnership

Benefits to UQ: Facilitating greater level of investment Accelerating project implementation Spreading risk

UQ Objectives Expand/upgrade facilities –Research, postgraduate degrees Education/Research links with P.A. Commercialisation/Development opportunities Links to Pharmacy profession Release space on campus

Development of Suitable P.P.P. Model Options: Capital from shareholders – total control Capital from Private sector – cede control to private sector within agreed framework

Development of an Appropriate Model Essential features: Resolve site tenure Defined concept of sharing of facilities Clear understanding of cost/financial capacities Clear understanding of risks Test model with Private sector Discuss with State and Federal Governments Adjust in light of concerns Proceed to E.O.I.

Opportunities Building companies Traditional debt financiers Non-Bank Financial Institutions Money Mangers – Super, Investment Managers Specialist Infrastructure Funds Industry banked Super Funds

Need to consider cost of redeveloping School on St Lucia Campus P.P.P. provides interesting option for realising University goals of pre-eminence in Pharmaceutical research and education in Australia