Clinical trials are an integral part of the research and development of new treatments, interventions or tests, and the refinement of existing standards of care and clinical practices. As such, they are vital to the future of healthcare.
' Clinical Trials in Australia: the economic profile and competitive position of the sector' is the first comprehensive overview of the entire clinical trials landscape in Australia.
Produced in collaboration with L.E.K Consulting and funded by the Australian Government under the Industry Growth Centre Initiative, this report includes input from a range of sector participants and stakeholders. Whilst previous reports on the activity and economic profile of clinical trials have focused on sub-segments of the sector, MTPConnect's report provides a holistic and comprehensive overview of clinical trials in Australia, including investigative and observational trials, trials conducted in public and private settings, and trials sponsored by both industry and non-industry sponsors.
The report highlights the significant contribution that the conduct of clinical trials makes to the Australian economy, evaluates Australia's strong competitive position in the world market, and details priorities for future growth.
Key findings of the report include:
- The Australian clinical trials sector is large and growing. Approximately 1,360 new clinical trials were commenced in Australia in 2015, and this figure has been growing at roughly 5% per year since 2010, outpacing the US, the UK, and the overall global average growth rate.
- Investment in active clinical trials accounted for roughly $1.1 billion in gross expenditure in 2015. This includes approximately $930 million invested by industry sponsors, the large majority of which are international medical device, biotechnology and pharmaceutical companies that have chosen to invest in Australia.
- The Australian clinical trials sector supported at least 6,900 high skilled jobs in 2015, the large majority requiring tertiary education levels.
Download the full report below, including priority areas for the future that will support the growth of the sector and will strengthen Australia's competitive position and projected growth figures.