Clinical Trials in Australia: the economic profile and competitive position of the sector
Australia is regarded as a global leader in conducting clinical trials and is home to some of the world’s esteemed scientists, physicians and healthcare professionals. It boasts world-class medical research and healthcare infrastructure. The country has an efficient regulatory system, including a rapid clinical trials approval system.
'Clinical Trials in Australia: the economic profile and competitive position of the sector' is the first comprehensive overview of the entire clinical trials landscape in Australia.
This report is released by MTPConnect – the MedTech and Pharma Growth Centre and it is the first comprehensive overview of the entire clinical trials landscape in Australia.
Key findings of the report include:
- The Australian clinical trials sector is large and growing. Approximately 1,360 new clinical trials were commenced in Australia in 2015, and this figure has been growing at roughly 5% per year since 2010, outpacing the US, the UK, and the overall global average growth rate.
- Investment in active clinical trials accounted for roughly $1.1 billion in gross expenditure in 2015. This includes approximately $930 million invested by industry sponsors, the large majority of which are international medical device, biotechnology and pharmaceutical companies that have chosen to invest in Australia.
- The Australian clinical trials sector supported at least 6,900 high skilled jobs in 2015, the large majority requiring tertiary education levels.
For over three decades, pharmaceutical, biotechnology and medical device companies from around the world have relied on the ability of Australian clinical trial sites to deliver timely results, whilst meeting the highest quality and ethical standards.
For example, collaboration between global pharmaceutical companies and Australian entities has enabled the development and distribution of ground-breaking Australian discoveries such as Gardasil®, a vaccine against human papillomavirus, which is helping protect millions of women around the world from cervical cancer, as well as Relenza®, a new type of antiviral drug used to treat influenza.
For more information about clinical trials in Australia, contact Austrade Singapore.