Medicines industry applauds R&D regulatory reform
Medicines Australia today welcomed the Coalition’s announcements that it will reduce red tape, protect medical research funding and provide policy certainty in medical research.
“Regulatory reform is an important part of encouraging medical R&D and the Coalition’s recent announcements on this are welcome,” said Dr Brendan Shaw, Chief Executive.
“Reforming the regulation of things like medical research, R&D and clinical trials is a key part of developing Australia’s future competitiveness in high skill, high wage, innovative industries.
“The Australian medicines industry is one of Australia’s real opportunities to secure Australia’s competitiveness in a post-mining boom future.
“The industry already invests $1 billion a year in R&D in Australia, much of it in clinical trials and in partnership with public research institutes, universities and hospitals.
“This is a key part of Australia’s medical research investment.
“The Coalition’s announcement that it will reduce red tape to free up businesses and researchers to spend more time and resources on research is very encouraging.
“One area of reform where we need to keep the momentum going is the reform of regulation around clinical trials of new medicines.
“Australia has great capabilities in medical research but we need to continue regulatory reform around things like clinical trials to ensure Australia remains competitive in the face of growing competition from other countries.
“Together with the Government’s welcome focus on improving the regulatory environment for clinical trials, the Coalition’s announcements move towards a bi partisan approach in this important area of microeconomic reform.
“We have a real opportunity to capitalise on Australia’s talents in medical research for the benefit of our economic future, which is why the Coalition’s announcement is welcome.
“We look forward to working with all sides of politics on this important area of microeconomic reform to secure Australia’s long term economic future.”
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