Novotech wins prestigious Asian CRO of The Year Award
June 20, 2006 by admin
Filed under Company News, Company News 2006
June 20, 2006 – Philadelphia, PA — Novotech, the largest Australian owned contract research organization (CRO) announced today it has been recognized by Frost & Sullivan for its clinical research capabilities at the inaugural Asia Pacific Healthcare Best Practice Awards, winning The Asian CRO of the Year – Australia Award.
According to Frost & Sullivan Program Manager Shruti Dwivedi, Novotech demonstrated “exemplary growth and performance” and is well placed to benefit from the 15% per annum increase in trials conducted in Australia, much of which is coming from large pharmaceutical firms.
Novotech came out on top against its competitors after being evaluated on key criteria including “research capabilities, breadth and depth of services, geographical coverage, and alliances/partnerships that would enhance capabilities and the growth strategies adopted in pursuit of corporate objectives”, said Dwivedi.
“Novotech was awarded this title for its exemplary performance in each of these evaluation criteria,” she said.
“Novotech offers a broad spectrum of services in Australia and New Zealand, catered by a strong research team, experienced in diverse therapeutic fields. It has formed a subsidiary in UK as well as external partnerships/alliances in North America and other regions to widen its geographical reach.”
Novotech also won praise for its therapeutic experience with its special focus on Oncology, Ophthalmology and Cardiology trials. It conducts approximately 40 clinical trials every year, where nearly 80% are in Phase II & III, with remaining in Phase 1.
The judges were also struck by the company’s impressive expansion program in recent years. Novotech’s head office is in Sydney and it has regional offices in Melbourne and Brisbane, and fieldwork staff based in Perth and New Zealand.
In 2005, Novotech established its presence in the US with the aim to bring more clinical trials from US-based biotech firms to Australia. It also has a worldwide reach through its subsidiary in the United Kingdom and through key external partnerships and strategic alliances in North America and other regions.
Dwivedi also noted that: “Through partnerships with IT solutions vendors, Novotech is able to enhance the value of its clinical trial services.”
Frost & Sullivan believes that Novotech has gained a strong foothold in the Australian market and its service innovation, geographical expansion and strategic partnerships will continue to serve as successful medium for growth.
Novotech has worked with more than 35 U.S.-based and European pharmaceutical and biotech companies over the past 3 years.
As the leading Australian owned CRO, the company continues to innovate, both in its growth strategy as a local player in the global industry, as well as in the provision of its services through the development of high tech proprietary solutions for efficient management of clinical research projects.
About Novotech
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 its US operations.
As the largest independent CRO in Australia, Novotech offers a level of flexibility and local knowledge that is unmatched among other contract research organizations in the region.
Novotech’s US operations make it uniquely positioned to offer trials across the two countries, providing the benefits of Australia’s highly regarded cost-effective clinical trial capabilities, and at
the same time take advantage of access to the much larger US market for rapid patient enrolment – a service that has to date only been available via large global CROs at higher overhead costs.
The Australian Clinical Trials Advantage
Increasingly, US companies are turning to Australia to expedite the pace, and reduce the cost, of clinical trials, while maintaining the high standard of research that US authorities demand. Australia has been ranked the number one location to conduct pharmaceutical clinical trials in an international benchmarking study undertaken by the Economist Intelligence Unit (EIU). The EIU study ranked Australia against six countries – US, UK, Germany, Japan, Singapore and India. Other studies have 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.
