Comparatively low COVID-19 infection rates have attracted global biotech companies to Victoria to conduct clinical trials, causing a boon for the state’s sector.
Despite Melbourne’s recent spike, local biotech firms are being flooded with work from overseas clients, particularly after taking part in ‘virtual’ trade missions delivered by state agency, Global Victoria.
360biolabs Executive Vice President, Angela Luttick, said it was a “no-brainer” for overseas firms to conduct clinical trials in Victoria
“A lot of them want to rescue their trials from other parts of the world where it can’t be conducted because the (COVID) positivity rate is so high,” Ms Luttick told the Herald Sun.
“We are known as a great place for clinical trials because we offer a really fast regulatory scheme, as well as our R&D tax incentives.”
360biolabs, a speciality laboratory services organisation for therapeutic, vaccine and diagnostics development based at Burnet Institute, is among the firms to have taken part in the virtual trade missions.
Three missions – to Korea, the US and the UK – have been held since the pandemic started, with up to 50 more planned over the next two years.