Sydney, Australia – October 27, 2016: In an industry first Novotech and Deloitte have teamed up to brief U.S. CFOs of early stage companies about Australian tax breaks for early phase clinical trials.
New research from Frost & Sullivan shows that Australia with its tax incentive program can be up to 60% more cost-effective to run trials than the USA.
The Frost & Sullivan report was released today at Outsourcing in Clinical Trials New England 2016 (September 7-8 2016, Boston).
The research was supported by Novotech, Australia’s largest independent clinical contract research organization (CRO) with offices throughout Asia.
The Novotech/Deloitte industry briefing collaboration follows a spike in interest from CFOs and biotech venture capitalist (VC) firms wanting to know how to take advantage of the significant government incentives available for conducting clinical trials in Australia.
Novotech Asia COO, Dr. John Moller said Novotech and Deloitte would hold private CFO and VC briefings in the U.S. over the next few months to detail the tax incentive benefits and how U.S. biotechs can best access them.
Deloitte R&D Tax and Government Incentives Partner Todd Fielding said it was important that biopharma CFOs knew about the tax incentives well before site selection starts.
“The tax incentives offer considerable savings so can significantly cut the cost of early phase trials. But it is important for CFOs to be familiar with the details earlyso they can guide the process internally to get full advantage of these tax breaks.”
The Frost & Sullivan research report shows that cost, regulatory speed and flexibility, and quality are the key drivers for biopharma companies selecting Australia for early phase trials.
The report says Australia has a proven reputation with regulators including the USA FDA for quality research.
According to the report: “The clinical trials market is expected to reach USD615 million by 2019, growing at a CAGR of 12%. Early phase clinical trials have been growing at nearly twice this rate which we expect will continue.”
Novotech has been actively involved in hundreds of drug development programs for U.S. and EU registration over the past 20 years.
Novotech is an internationally recognized full service CRO known for its experience across Australia, New Zealand, Asia and South Africa, representing emerging markets with a population base of over 3 billion people.
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