As the Spring Racing Carnival nears, the fight against banned substances in Victoria's racing industry has been bolstered with a $1.6 million investment.

The state government funds will be spent on new equipment at Flemington's world-class Racing Analytical Services Limited Laboratory, which takes samples from horses and greyhounds to test for banned substances including peptides and cobalt.

Racing Minister Martin Pakula said the investment means more samples can be tested, and faster, at the lab. It is one of only five in the world to meet strict drug test expertise standards recommended by the International Federation of Horseracing Authorities.