Australia is internationally recognised for its superior clinical research and healthcare infrastructure, world-class research capabilities and highly killed researchers. All critical prerequisites for early phase clinical trials.
Enjoy a lucky new year with these 8 key clinical trial insights:
1. Australia is highly cost-competitive in comparison to the US for the early phase clinical trials.
According to a cost comparison study, Australia is 28% cheaper than the US before tax incentives; and 60% cheaper after tax incentives.
2. The Australian government is offering attractive R&D incentives to conduct clinical trials in the Australia, including a 43.5% cash refund for companies with aggregated annual turnover of less than AUD20 million and that incur a loss.
3. Australia has a simplified regulatory framework and approval process
Australia’s operates a Clinical Trial Notification (CTN) scheme which means that the regulator delegates the trial review process to ethics committees and only needs to be notified of the outcome. This reduces the regulatory burden on clinical trial sponsors, enabling sponsors to save both time and money.
4. Companies conducting clinical trials in Australia do not require US FDA Investigational New Drug (IND) application approval.
The Australian clinical trial process allows flexibility without compromising quality. Data output from studies carried out in Australia meet global standards and can be used to support international regulatory applications, including the US FDA IND submission – making the process more efficient, flexible yet ethical.
5. The Australian government is committed to reducing clinical trial start up times and costs
The Australian Government is implementing reforms to further minimise study start-up times, boost patient recruitment and standardise clinical trial costs.
6. Australia has a well-established ecosystem for early phase clinical trials and is globally recognised for quality scientific and clinical research.
Australia offers competitive advantages such as excellent research and healthcare infrastructure, high-quality data capabilities and a network of internationally accredited institutions.
7. Australia has one of the strongest intellectual property rights protection systems in the world.
According to the International Property Rights Index, Australia’s intellectual property rights is ranked 13th most secure in the world out of 129 countries.
8. Australia provides an outstanding entry point to providing later stage clinical trials in the Asia Pacific region.
Talk to us about how Novotech can help you access this exciting market for your next clinical trial.