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June 27, 2019updated 12 Aug 2019 10:32am and Austrade to expand digital research marketplace in Australia, the B2B marketplace for outsourced research and development (R&D) services, has partnered with Australian Trade and Investment Commission (Austrade)., the B2B marketplace for outsourced research and development (R&D) services, has partnered with Australian Trade and Investment Commission (Austrade).

The collaboration provides Australian biotechnology companies online access to the three thousand pre-qualified research suppliers in the network.

The partnership will also help Australian research suppliers to connect with customers at pharmaceutical and biotechnology companies worldwide.

Austrade general manager Nicola Watkinson said: “We are excited to launch this partnership with to facilitate further connections between Australian biotechs and global suppliers, as well as Australian suppliers with customers worldwide.

“In the rapidly changing global research market, this partnership will position Australia to better compete in the new industry paradigm.”

Australia boasts of advanced medical research and healthcare infrastructure and provides competitive tax incentives for R&D investments.

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Multi-national companies are expanding their footprint into Australia to benefit from the major changes occurring in the R&D field.

Data produced in Australia is accepted globally by the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA). US FDA and EMA are the two governing bodies granting new drug approvals in the United States and European Union.

The Government of Australia is also investing huge funds in research. The government has earmarked A$20bn ($13.8bn) for health and medical research by 2020-21. Approximately A$1bn ($690m) of the country’s investment is focused on clinical trials. CEO and founder Kevin Lustig said: “The marketplace enables small Australian biotech companies with a handful of outstanding scientists to compete successfully against international pharma companies a thousand times their size.”

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