Expensive Aussie investment
May 21, 2012
COMPANIES looking to invest in
clinical trials in Australia may be
reconsidering their options, after a
report found that the nation is the
second least competitive as a
market for clinical trial investment.
The 2012 KPMG Competitive
Alternatives report compared
business costs and other
competitiveness factors in more
than 110 cities in 14 countries, and
found that Australia is the second
most expensive country for
investing in clinical trials, behind
Japan, and that Sydney ranks 111th
out of 113 in the list of most
expensive cities, only topped by
Tokyo and Osaka.
Sydney was followed by Brisbane
which came in hot on its heels as
the 4th most expensive city, whilst
Melbourne came in at 108 and
Adelaide in 103rd place.
Commenting on the report
Medicines Australia Chief Executive
Dr Brendan Shaw said the results
were “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,” he said.
“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,” he added.
To rectify the issue, Shaw said
that Australia needs a more
streamlined system that makes it
easier, quicker and cheaper for
global companies to run clinical trials.
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