The European Union (EU) country also wants to be the centre for the European Banking Supervisory Authority (EBA) as well.
Health Minister Pamela Rendi-Wagner and Vienna’s financial city councillor Renate Brauner are presenting their application for the EU drug agency in Brussels today.
The race to win the prize of the EMA is now particularly fierce with 19 cities, including Vienna, vying to become the new HQ of the EU drug agency.
Also in the running are Stockholm, Copenhagen, Amsterdam, Barcelona and Milan.
The EU Commission will examine the applications by 30 September, but according to diplomats, there will be no shortlist.
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It is therefore likely that the decision will not be taken until November in the EU Council of Ministers in a secret ballot.
The new seat of the EBA, which is also moving away from London due to Brexit, must also be decided.
For the EBA, Frankfurt is widely regarded as a favourite.
Eurocrats have estimated the cost of moving the EMA out of the UK at a staggering £521million, which is a massive £163million above their initial estimate.
The EMA has calculated the cost of moving its operations and staff, and paying off the remainder of a locked in lease that runs until June 2039, at more than half a billion pounds. Officials previously estimated it would run to £358million.
This figure includes £401million to pay off the rest of the lease, £34million to kit out its new home, £47.4million for relocating the agency’s 890 strong workforce and £21.7million on IT and audiovisual equipment and meeting rooms.
However, there is a possibility that number could be slashed somewhat given the embarrassing revelation for Brussels that three quarters of its workers may refuse to leave London.
The agencies employ more than 1,000 people with the EMA alone attracting 36,000 visitors including scientists and health professionals in 2015.
The European Commission will review the national offers with the new host city expected to be ready to host the agencies by the day Britain leaves the EU in 2019.
Guidelines seen by the Wall Street Journal say the European Commission will assess bids on a series of strict criteria including airport access and local schools.
Countries can bid for both agencies but will only be allowed to host one with the EMA, which decides if medicines are safe for the European single market, said to be the top prize.
Leading contenders to house the EMA are already jockeying for position, with Spanish Health Minister Dolors Montserrat setting out the case for Barcelona to host the agency during a visit to Brussels in May.
She said: “Barcelona is ready to host the EMA now. No-one is offering a better combination of location, facilities, services and a high quality of life from both a professional and social perspective than Barcelona.”
Additional reporting by Monika Pallenberg