Mar. 31, 2017
Clinical trial opportunities are booming in Australia as companies around the world look for new ways to secure reliable data and get ahead of their competitors.
Australia is growing rapidly as a research center, with 1,700 new clinical trials in 2016. Australia has had a reputation for Phase III clinical trials, but since 2008, Phase I trials have also increased significantly as word spreads about the benefits on offer. According to the Australian Trade Commission, in 2013, Phase I and III trials made up 29% of new clinical trials in Australia.
The promise of tax offsets, efficient clinical trial regulation and a world-class research sector seem to have companies packing their bags for Australia’s clinical trial opportunities.
When you consider how the Australian government works to attract global companies, the growth of clinical trial opportunities in Australia is no surprise. Australia wants the world to know it’s open for business and offers tax offsets for investment in eligible clinical trial programs.
Australia has also worked hard to make clinical trial regulation efficient and minimize red tape. Under their Clinical Trials Notification (CTN) scheme, applications can take as little as four-eight weeks to be reviewed. Companies can make quick decisions to get research started rather than waiting years for an approval.
These efficiencies have not appeared to compromise the quality of the trials or their results. The trials adhere to :
This creates the perfect research environment and an abundance of clinical trial opportunities. Trials move quickly and data is accepted by international regulatory agencies including the US Food and Drug Administration (FDA) and European Medicines Agency (EMA).
Australia is proving to have a lot to offer researchers and health professionals in addition to world-class research facilities. The Australian standard of living and modern, cosmopolitan culture are drawing professionals. Australia’s diverse, multicultural society may also provide opportunities to meet a variety of clinical trial recruitment needs.
There’s a bright future ahead for Australia as a center of clinical research, and for companies ready to secure clinical trial opportunities and credible research data from a nation that’s open for business.