Conducting clinical trials in Australia could save up to 60% of the average clinical trial costs compared to the US. That is the outcome of a report published by Frost & Sulivan, which can be accessed on the website of Novotech. Novotech is partnering with Deloitte to brief early stage companies to take advantage of this cost gap. According to the white paper this price advantage is possible because the Australian „… government offers attractive R&D tax incentives including cash rebates. According to a cost comparison study, Australia is 28% cheaper than the US before tax incentives; and 60% cheaper after tax incentives. …“.
In summary the report further names three additional key benefits that make conducting clinical trials in Australia attractive:
- Cost-efficiency as described above,
- Regulatory Speed and Flexibility,
- Quality as Australia’s scientists rank highest in Asia Pacific.
Further details about the benefits of conducting clinical trials in Australia can be also found in „Australia’s Clinical Trials Capability Report“ to be found on the website of the Australian Trade and Investment Commission, which further names the following benefits of Australia:
- Quality medical research infrastructure and a skilled workforce
- A world-class healthcare system
- Attractive Research & Development (R&D) Tax Incentives for clinical trials
- A fast, pragmatic regulatory pathway
- Clinical data which complies with the highest international standards
- A strong intellectual property system
- A national focus on continuous improvement through government reform and policy innovation
- An ethnically-diverse, English-speaking population
- Proximity to Asia