Article by the Health Industry Hub

Biotech News: A class action against an ASX-listed biotech has been filed at the Federal Court of Australia

Biotechnology

Nick Northcott, Chrysalis Managing Partner, said “Commercial biotech and medtech companies are working in a highly regulated environment, but this requires strong corporate governance as well as strong research governance. Often, not enough attention and scrutiny goes to the research governance frameworks in place for these companies.”

“Former Chief Scientist of Australian, Professor Ian Chubb, has previously called for an independent research integrity capability for public research institutions like universities and medical research institutes – and the same need exists for commercial biotech and medtech businesses to provide assurance for investors. This is evidenced by the difficulty that whistleblowers had in the infamous Theranos case.”

“Yes, there are guides and codes that companies are required to comply with, but in the case where something does go wrong, there should be an independent and anonymous mechanism to receive complaints about research integrity issues – run by people who understand these complex issues.”

Read more: https://www.healthindustryhub.com.au/biotechnology-news-trends/class-action-filed-against-aussie-biotech/