The AusMedtech 2024 Clinical Trials Sector Dinner celebrates Australia’s reputation as a go-to destination for conducting clinical trials in recognition of International Clinical Trials Day on 20 May.
AusBiotech and its AusBiotech Clinical Trials Advisory Group are hosting the Clinical Trials Sector Dinner at AusMedtech 2024 this evening to celebrate the sector’s growth and Australia’s prominent reputation as a clinical trials destination.
This informal dinner provides an opportunity for those working in the clinical trials sector to connect face-to-face with other professionals and celebrate the sector’s progress, before the AusMedtech 2024 conference begins on 22 May in Adelaide.
Australia is a globally-renowned environment for clinical trials due to its strong foundation of research excellence, robust patent and regulatory laws, attractive tax incentives, the interconnected nature of medical research and healthcare provision in Australia, and the ease with which clinical trials can be conducted.
The dinner will host over 40 clinical trial professionals, with the initiative first launched at the AusBiotech 2023 national conference in Brisbane.
As Australia’s leading body representing the life sciences industry, AusBiotech understands how vital the clinical research sector is to not only the biotechnology industry, but for all of Australia.
Clinical trials contributed more than $1.4 billion to the Australian economy through direct expenditure or investment in 2019. The sector employed around 8,000 Australians, and more than 95,000 Australians participated in clinical trials that same year. Several other studies, in Australia and elsewhere, have demonstrated significant return on investment and improved health outcomes in systems with high clinical trial research participation.
Clinical trial activity improves the evidence base supporting clinical practice; helps patients access trials relevant to their health circumstances; contributes to the development of much-needed therapies; advances Australia’s medical research capabilities; and increases economic prosperity. However, the complex regulatory environment for trials in Australia can act as a barrier for companies looking for efficient and cost-effective locations.
Australia’s clinical trial activity continues to increase year-on-year. As of 20 May 2024, the Australian New Zealand Clinical Trial registry reported 8,366 clinical trials were currently underway in Australia.
There is national recognition at the policy level that clinical research is an important aspect of Australia’s economy. With the National One Stop Shop (NOSS) initiative for clinical trials receiving funding in the 2024-25 Federal Budget after more than two years of consultation, it is clear that the sector’s capacity, capability, size, and impact will only continue to grow.
Beyond a digital platform, the NOSS is an opportunity within the broader clinical trial and medical research reform underway, that will provide a single, harmonised, end-to-end process across the different Australian jurisdictions.
As more information is released about the NOSS, AusBiotech will continue to work with subject matter experts in the Clinical Trials Advisory Group and its members to develop appropriate advice and insights to inform its development on behalf of the sector.
Registrations for the AusMedtech 2024 Clinical Trials Sector Dinner are now closed. The next Clinical Trials Sector Dinner will be held at the AusBiotech 2024 national conference in Melbourne later this year.