Victoria the pro-biotech state is about to raise the cost of clinical trials
It has been reported that the Victorian Managed Insurance Authority from July 1 will be increasing the insurance requirements for commercial sponsors of human clinical trials in Victoria. As a state that has always been seen to encourage clinical trials, it has come as a shock that future projects may be hindered due to increased insurance costs. It seems that Victoria may be following in NSWâ€™s 2011 footsteps when they doubled the minimum requirement for indemnity insurance to $20 million and making NSW the highest compulsory limits in the world. This will come as a loss to the industry not only economically, as companies will move to other locations to conduct their clinical trials, but fewer trials means less patients being able to receive innovate therapies where it may be their last hope. Currently nearly half of the clinical trials being conducted in Australia are being undertaken in Victoria, if this is to remain then this proposed cost increase needs to go away. Australia based pharma and biotechs are already being enticed by cheaper oversea alternatives, if Australia wants to keep their $700 million industry then they better start offering companies a reason to stay.
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