The Gold Coast is the largest regional city in Australia for the delivery of clinical trials.
The sector is expected to grow exponentially over the next decade. As part of the Gold Coast’s commitment to diversify and strengthen our region’s economy and create high-value, knowledge-based jobs, the recently commissioned Regional Biomedical Supply Chain Development Project identified the current capability of the Gold Coast’s clinical trial sector, its economic value, its projected growth over the next ten years (to 2029) and the supply chain opportunities that will enable the sector to continue to grow.
Global drivers of the clinical trial sector are well understood and include emerging markets seeking greater health outcomes, population growth and personalised healthcare. This market is being met by unprecedented investment by the medical technologies and pharmaceutical sector with all new innovations requiring the process of clinical trials. This is a sector that Australia enjoys competitive advantage in due to favourable tax benefits, a strong healthcare system and well-regarded researchers. This presents significant opportunities for Australian cities in attracting clinical trials due to the value it provides in terms of economic benefits, innovation and healthcare outcomes.
For every $10 million in revenue from grants or contracts attracted for trials are:
Trials generate economic activity. Over the next decade, the average annual rate of growth for trials on the Gold Coast is expected to be 7%. This will provide a value-add economic contribution of 11%. Currently this direct value add is $8.7 million and this will grow to $24.7 million in 2029 directly to the Gold Coast.
For the period 2014-2019, Gold Coast employment had an average annual rate of growth of 4% with Health Care and Education & Training being 8% and 5% respectively. For the ten years 2019-2029, comparative employment growth in the clinical trials sector is forecast to be 11% annually.
Gold Coast Health and Knowledge Precinct
World class research institutes
Size of patient population
Ageing patient population
Ethnically diverse population
Experienced and motivated clinicians
Hospital infrastructure (public and private)
Easy to get around the city
Gold Coast lifestyle
Clinical trials sector capability
Dedicated Phase 1 facility
Clinical trials governance structure and strategic planning
Phase 1 GP clinic
More dedicated spaces for trials
Export of knowledge and services to Asia Pacific region
Attract additive manufacturing companies
Telehealth/ virtual health
Wearables and apps A