The Coalition's commitment to implement reforms to make Australia a top destination for global clinical trial investment is welcome news according to Medicines Australia.

Dr. Shaw of Medicines Australia welcomed the announcement that if elected, it would be a big step towards a consistent approach to how clinical trials are conducted and managed in Australia. Shaw said the Shadow Health Minister and the Opposition Leader's reforms should be commended.

Medicines Australia shares the view of McKeon Review of Health and Medical research on making clinical trial reform an urgent national priority. In 2011, the Federal Government has committed to implement recommendations of the Clinical Trials Action Group. The government established the group to boost the declining clinical trials in Australia.

The government committed $10 million in February to accelerate clinical trial reforms. The Coalition's announcement means the medicine industry gains bipartisan political support to develop reforms.

Clinical trials in Australia are important not only for the potential financial investment. They also play crucial roles in improving the healthcare system of the country. When clinical trials are present in Australia, medicines are usually delivered early. Some provide free access to new healthcare technologies. This saves taxpayers in Australia millions every year in PBS and hospital expenses. Australian patients will also benefit from clinical trials because they can access new therapies and procedures.

Some of the best scientists and research facilities in the world are in Australia but the clinical trials have dropped 30 per cent since 2007. Although Australia already faces stiff competition for clinical trials, inefficiencies in regulation and high costs are also barriers investors will have to face.

Political support for clinical trial investment will greatly benefit the healthcare system in Australia. The Coalition's commitment may only be on paper right now but it still gives hope to the Australian healthcare industry.