Victoria will get its own cobalt testing lab to speed up investigations of doping in the racing industry.

Racing Minister Martin Pakula has announced $200,000 to fund the purchase of equipment to test blood and urine samples for cobalt and other metals in horses and greyhounds.

Previously, samples had to be sent to laboratories in Perth, Sydney or Hong Kong for analysis.

The Victorian facility will be Australia's first dedicated cobalt testing lab.

"Upholding the highest standards of integrity in racing is top priority for the Victorian government, and is in the interests of all participants - particularly the public," Mr Pakula said on Friday.

Cobalt substances are used to increase racing animals' red blood cells to carry more oxygen through the body.