Australia is being favoured for early-stage pharma, biotech and contract research organisation (CRO) research given its low tax status compared to the US.
A new report by Frost & Sullivan presented at DIA China has found that cost, regulatory speed, flexibility and quality are the key reasons why biopharma companies are selecting Australia.
The report found that Australia satisfied US regulators for quality R&D. Research quality coupled with our tax incentive program, made Australian run trials up to 60 per cent more cost effective.
The research will inform the way CROs in Australia, communicate with sponsors from Asia and the U.S. on why Australia should be chosen for early-phase studies.
In 2015, the Australian CRO market generated almost US$400 million in revenue. The market is expected to reach US$615 million by 2019, growing at a CAGR of 12 per cent. Early phase clinical trials have been growing at nearly twice this rate.