MTPConnect says a new report reveals that the clinical trials sector generated $1.6 billion for the Australian economy in 2022.
The update, detailed in MTPConnect’s upcoming clinical trials sector snapshot report, represents more than 4 per cent growth compared to 2019. It was achieved despite the 2020 pandemic downturn.
MTPConnect CEO Stuart Dignam said the outcome is worth recognising as we celebrate World Clinical Trials Day this week.
“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,” said Mr Dignam.
“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 in order to stay competitive with other international markets.
“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,” added Mr Dignam.