Novotech wins coveted Australian CRO Award from Frost & Sullivan
June 19, 2008 by admin
Filed under Company News, Company News 2008
San Diego, CA– June 19, 2008 — Novotech, the largest Australian owned contract
research organization (CRO) has confirmed its position as the pre-eminent Australian
based CRO with the award by leading industry analyst house Frost & Sullivan as the
Australian CRO of the Year. The award is part of the prestigious Excellence in
Healthcare Awards series covering a spectrum of healthcare practice areas in the Asia
Pacific region.
Novotech announced the win at BIO 2008, San Diego.
According to Frost & Sullivan, Novotech has demonstrated it can “manage multiple
projects of almost any size across the globe”.
In the past year, Novotech, described by Frost & Sullivan as the best in its industry class
for Australia based CROs, has expanded rapidly into Asia bringing its global reputation
for high quality service and regional expertise to this growth area.
Alek Safarian, Novotech CEO, said much of the company’s research work was for
leading-edge treatments in oncology and cardiovascular disease.
According to Frost & Sullivan analyst Ms Sohini Mitra, Manager of HealthCare Practice
Asia Pacific: “The company’s significant revenue increase between 2005 and 2007 has
stemmed mainly from their investment in IT capabilities.”
“These investments, along with geographic expansion and enhanced capabilities in the
area of biometrics have enabled the company to manage multiple projects of almost any
size across the globe.”
“Novotech’s focus on enhancing its Clinical Trial Management System (CTMS)
technology, potential acquisitions and geographic expansion, position the company
favourably to exhibit strong growth in the future.”
Safarian said the range of skills and technology infrastructure Novotech has been
investing in for years fits perfectly the service delivery expectations of overseas
sponsors.
“We also have world leaders in health and medical research right here in Australia which
is one of the key reasons sponsors choose Australia for sophisticated clinical research,”
he said.
Following the company’s expansion to the US, Novotech attracted investment from two
leading biotech venture firms BioPacificVentures and Co-Investor Capital Partners. This
investment gives Novotech the capability to execute on its aggressive expansion plans
internationally.
Novotech came out on top against its competitors after being evaluated on key criteria
including excellence in one or more of the following criteria:
- Revenue and market-share growth
- Geographical and service expansion
- Company’s strategy to strengthen position
- Technological innovation and leadership
According to Frost & Sullivan in addition: “The company is perceived to exhibit
outstanding management and consistent growth. The company must offer high quality
products and/or services and have positive social and economic impact on local and
national communities. The company should have proven expertise in taking advantage
of market changes by capturing and solidifying market presence, or through execution of
innovative strategies within the existing competitive landscape.”
About the 2008 Frost & Sullivan Excellence in Healthcare Awards – Australia
Clinical Research Organization Of The Year
The Frost & Sullivan Award for Australian Contract Research Organization of the Year is
presented each year to the company that has demonstrated unparalleled excellence
within its industry, growth and performance across Asia Pacific in 2007. The Award is
based on factors including the company’s business development, revenue growth and
market potential, geographical and service expansion and company’s strategy to
strengthen position within a particular Frost & Sullivan Industry Research Group (IRG).
This company is perceived to exhibit outstanding management and consistent growth.
The company must offer high quality products and/or services and have positive social
and economic impact on local and national communities. The company should have
proven expertise in taking advantage of market changes by capturing and solidifying
market presence, or through execution of innovative strategies within the existing
competitive landscape.
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 and Asian 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.
