Australia is dedicating more government funding towards the establishment of a vibrant clinical trial ecosystem in order to accelerate the design, development, verification and product launch processes of medical devices, says GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Medical Intelligence Center reveals that the Australia’s clinical trials sector is large and growing with around 390 clinical trials ongoing in the medical devices sector as of April 2020.
According to GlobalData’s report, ‘CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Australia’, cardiovascular disease is the leading therapeutic area with the highest number of clinical trials ongoing in the medical devices sector, followed by in vitro diagnostics, general surgery, orthopedic devices, specialized sectors and others.
The quality of research infrastructure, availability of medical experts, government support, the ability to offer a rapid trial start up process and the presence of streamlined ethics approval system are driving the Australian clinical trial sector.”
Pooja Srivastava, Medical Device Analyst at GlobalData
The Department of Health of Australia committed $614m in 2019 as Medical Research Future Fund towards clinical trials being conducted in rural, regional and remote areas across the country for indications such as rare cancers, rare diseases, and unmet needs.
The clinical trial sector in Australia makes a significant contribution to the economy of the nation. The adoption of machine- learning tools and artificial intelligence-based software in clinical trials will continue to enhance Australia’s reputation as a world class medical research destination by facilitating faster and better clinical testing outcomes.”
The Australian Government’s support to clinical trials sector is expected to increase clinical trial access and participation across the region. It will ensure improved access to latest and better treatment options for patients and better-quality collaboration with international researchers to leverage knowledge and expertise.
Srivastava concludes: “The robust clinical trial ecosystem of Australia has the potential to strengthen its healthcare system by promoting a strong research culture, establishing new clinical trial practices, providing benefits to patients through early access to new treatments processes and by creating employment opportunities.”