Figures from a new MTPConnect report published today reveal that Australia’s clinical trials sector generated $1.6 billion for the Australian economy in 2022.
The outcome, detailed in MTPConnect’s report Australia’s Clinical Trials Sector – Advancing innovative healthcare and powering economic growth, represents growth of more than 4 per cent on 2019 and has been achieved in spite of the 2020 pandemic downturn.
MTPConnect CEO, Stuart Dignam, says it’s an outcome worth recognising, following on from Australia’s trade mission to the BIO International Convention recently held in San Diego, where Australia’s clinical trials expertise was on show for the world to see.
“Clinical trials are a critical step in the R&D pipeline for new treatments and as well as ensuring Australian patients receive the best, safest and most effective treatments, these new figures show clinical trials are more valuable for the economy than ever before,” Mr Dignam said.
“It underscores our hard-earned global reputation as a ‘go to’ destination to conduct clinical trials.
“While the figures show value has increased, there are signs of stagnation in other key metrics.
“In 2022, the clinical trials sector in Australia employed 7,700 Australians, slightly less than the 8,000 employed in 2019. Around 90,000 Australians participated in trials, down from 95,000 in 2019 and there were 1,850 trials started, slightly lower than the 1,880 trials started in 2019.
“There’s no doubt COVID-19 restrictions blunted growth, with significant falls in key metrics seen in 2020. And while there was a robust rebound in 2021, demonstrating the life science sector’s resilience, we’ve not been able to maintain some of those post-COVID gains into 2022.
“The figures show that we can’t take success for granted and need to keep innovating and investing in order to stay competitive with other international markets like Singapore, US and South Korea.
“Areas we’ve identified for ongoing attention include improving efficiency in trial start up, enhancing data transparency, increasing patient awareness to support recruitment and expanding the workforce to support clinical trials growth.
“Recent commitments to expansion of the National One Stop Shop initiative, with its ability to provide streamlined, cross-state ethics and governance approvals, are welcome.
“This presents an opportunity for Australia to leverage its reputation for excellence in early phase trials to become more competitive in attracting late phase trials and deliver more life-saving innovations to Australian patients,” Mr Dignam said.
The report also highlights five emerging opportunities for consideration including patient engagement, digital health solutions, precision healthcare, innovative trial designs, and medical device trials.
MTPConnect’s clinical trials sector report, which was first published in 2017 and updated in 2021, has been a valued resource for State and Federal governments, local and international sector participants and financial investors alike as it provides a holistic and comprehensive overview of the current state of the environment in Australia.
These reports have been produced in collaboration with L.E.K Consulting.