On May 14, 2002, Singapore’s Health Sciences Authority (HSA) and its Australian counterpart, the Therapeutic Goods Administration (TGA) signed a Memorandum of Intention of Cooperation (MOI) laying out its intentions to jointly collaborate and cooperate in their regulatory framework for pharmaceuticals, medical devices, and complementary health products.
The MOI covered the following areas:
- Exchange of information
- Development of professional competencies
- Scientific collaborations
Following the MOI, the HSA and the TGA announced on June 18, 2003, that the regulatory bodies in both countries will mutually recognize the other’s new drug approval process. New prescription drugs already approved in one country will not have to undergo further evaluation in the other country. This collaboration will allow new drugs to be introduced in both countries at a much faster rate. The mutual drug evaluation process recognition will also move Singapore and Australia closer towards regulatory harmonization.
Australia’s Parliamentary Secretary for Health Trish Worth commented, “This is a winning arrangement for both countries.