IDC/LSI Report identifies Australia as a key region
March 17, 2005 by admin
Filed under Company News, Company News 2005
March 17, 2005 – Sydney, Australia — Novotech, Australia’s leading contract research organization (CRO), said premier market intelligence firm Life Science Insights (LSI), part of the IDC group, had identified Australia as a prime site for CRO outsourcing following a briefing with Novotech in California recently.
Alek Safarian, Novotech CEO, said he was invited to provide an in person briefing on Novotech and the Australian environment as part of a global review of outsourcing trends by LSI, called Key Trends to Watch in Contract Research for 2005.
“I hope the findings will further promote Australia, and its CROs, as a place for high quality, time efficient and cost competitive outsourcing of clinical trials for US biotech and pharma firms,” Safarian said.
“Australia has a real competitive edge that we should be pushing hard, especially with the current drug trial bottleneck in the US.”.
In the past three years, Novotech has worked with more than 15 U.S.-based
pharmaceutical and biotech companies as well as many major European pharmas.
The Report is available. Click here
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Increasingly, U.S. companies are turning to Australia to expedite the pace, and reduce the cost, of clinical trials, while maintaining the high standard of research that U.S. authorities demand. A 2001 Ernst and Young benchmarking study found that clinical research costs may be as much as 30 percent lower in Australia than in the United States and Europe.
In addition, Australian regulatory procedures often enable a trial to begin in as little as 2-3 months from the initiation of the approval process. This compares favorably to usual timelines in major Western countries.
As the largest independent CRO in Australia, Novotech offers a level of flexibility and local knowledge that is virtually unmatched among other contract research organizations in the region. This has helped Novotech develop a strong client base in the United States and Europe.
Headquartered in Sydney, Novotech is focused on the Australian and New Zealand markets but has worldwide reach through the company’s subsidiary in the United Kingdom and through key external partnerships and strategic alliances in North America and other regions.
