Novotech wins CRO of the year

Sydney-headquartered contract research organization Novotech has won the Australian CRO of the Year award at the 2008 Frost & Sullivan Excellence in Healthcare Awards.

Novotech won the same award in 2006. In the past year, Novotech, described by Frost & Sullivan as the best in its industry class for Australian-based CROs, has expanded rapidly into.

Alek Safarian, Novotech CEO, said much of the company's research work was for leading-edge treatments in oncology and cardiovascular disease.

Frost & Sullivan analyst Sohini Mitra said the company's significant revenue increase between 2005 and 2007 has stemmed mainly from its investment in IT capabilities.

"These investments, along with geographic expansion and enhanced capabilities in the area of biometrics have enabled the company to manage multiple projects of almost any size across the globe," Mitra said.

"Novotech's focus on enhancing its clinical trial management system (CTMS) technology, potential acquisitions and geographic expansion, position the company favourably to exhibit strong growth in the future."

Following the company's expansion to the US, Novotech attracted investment from two leading biotech venture firms: BioPacificVentures and Co-Investor Capital Partners, which will allow it to fulfill its international expansion plans.