Industry Insists Australian Clinical Trials Are Internationally Cost Competitive Contrary To 2012 Report
SYDNEY, May 20, 2013 /PRNewswire/ -- Industry claims that a report of Australian clinical trial costs is flawed. The report ( https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/competitive-alternatives-special-report.pdf) on the global competitiveness of 14 countries came out this time last year, ranking Australia as the second most expensive country to run clinical trials, subsequent press accepted the report and said what a shame it was that Australia was so costly compared with other countries...
"The report should be judged in context with the data it used" says Luke Edington, Clinical Project Management ( http://www.datapharmaustralia.com/about-us/our-leaders) at Datapharm Australia. "Broad economic indicators are not sufficient to draw solid conclusions on clinical trial management costs, and it is unfair to rank a country's R&D costs on these factors alone. It seems no consideration was given to R&D Tax incentive(s), regulatory environments, time to first patient, patient population access, Investigator fees & laboratory costs, recruitment rates, insurance, ethics fees, CRO operating costs and other quality dynamics." says Mr Edington
If you consider that the Australian R&D tax incentive was not included in this report, currently being up to 45%, this alone would have placed Australia competitively with Russia. "Foreign entities can claim R&D Tax incentives ( http://www.swansonreed.com.au/product/45-rebate-for-australian-rd-costs/) through their Australian subsidiaries at 45 cents in the dollar, that means $450,000 for $1,000,000 foreign spend in Australia", says Adam Rogers, R&D Tax specialist at Swanson & Reed.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV