New report shows Australia is second most expensive country for investing in clinical trials
A new international report on the global competitiveness of 14 countries has ranked Australia the second least competitive as a market for clinical trial investment. The 2012 KPMG Competitive Alternatives report shows that of the 14 countries under review, only Japan is a more expensive country in which to invest in clinical trials.
The report shows Sydney ranks 111th out of 113 in the list of most expensive cities – more expensive than every city except Tokyo and Osaka. Brisbane ranks 110th, Melbourne 108th and Adelaide 103rd.
Speaking on International Clinical Trials Day, Medicines Australia chief executive Dr Brendan Shaw said the report represented a very negative scorecard of Australia’s global competitiveness as a location for clinical trial investment.
“It’s is not a great way to celebrate International Clinical Trials Day,” Dr Shaw said.
“This report shines a light on the huge amount of work we need to do to make Australia more competitive in our ability to attract clinical trials from overseas.
“It’s now more expensive to conduct a clinical trial in Sydney, Melbourne, Brisbane or Adelaide than London, Rome, Paris, Frankfurt, Moscow, Sao Paulo, and just about every other city named in the report. That’s just not good enough.
“There’s absolutely no doubt that when it comes to scientific and commercial capability in running clinical trials, Australia is among the best in the world.
“We have some of the world’s best medical scientists and best R&D infrastructure, and the industry is working with the Government to find ways of better capitalising on those advantages.
“But companies who want to invest in clinical trials in Australia are confronted with a slow, inefficient and cumbersome approval process. It is often cheaper and easier for them to run those trials elsewhere.
We urgently need a more streamlined system that makes it easier, quicker and cheaper for global companies to run clinical trials in Australia.
“Securing a commitment today from governments to start to change that would be a great way to mark International Clinical Trials Day.”
The 2012 KPMG Competitive Alternatives report is available at: http://www.competitivealternatives.com/reports/2012_compalt_report_vol1_en.pdf
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