Novotech launches innovative clinical trials risk
June 22, 2005 by admin
Filed under Company News, Company News 2005
June 22, 2005 – Philadelphia, PA — Novotech, Australia’s largest contract research organization (CRO), today announced the launch of its Risk Sharing offering which guarantees massive savings on clinical trial costs for US firms in return for drug license rights in Australia and New Zealand.
Novotech, which was this year awarded the prestigious “25 CROs to watch” status by premier market intelligence firm Life Science Insights (LSI), part of the IDC group, has been fielding the concept among its US clients over the past few months.
Alek Safarian, Novotech CEO said; “It was well received so we decided to formally launch the service at BIO 2005.”
Alek Safarian is available for a briefing at BIO 2005. Please contact Susan Fitzpatrick 650 279 7771 susan.fitzpatrick@datelinemedia.com to set up an appointment.
“Clinical research trials in Australia can begin in as little as 2-3 months from the initiation of the approval process and cost up to 30% less than comparable Western countries such as the U.S. and in Europe,” said Safarian.
Australian regulatory procedures are supportive of the clinical trial process, while the patient population was similar to the U.S in terms of lifestyle and disease characteristics, and responsive to participation in leading edge clinical trials.
According to the LSI report, Novotech was identified as a “25 to watch” because: “we believed their capabilities positioned them well for the near future… because they are niche, specialty, and local players with strengths in consulting, technology integration, and access to naïve patient populations.”
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
About Novotech – Unsurpassed Local Knowledge and Network:
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.
