For four years, Dr Meritxell Canals and Professor Chris Porter have been part of a 22-person team at the Monash Institute of Pharmaceutical Sciences working on the cutting-edge relief.
Dr Canals says animal tests found targeting medication to pain receptors in the centre of cells, rather than the surface, offers more effective and longer-lasting pain relief.
She says the study centred on inflammatory and non-inflammatory pain common to many diseases and conditions.
Pain analyst Dr Chris Vaughan, from Royal North Shore Hospital's Pain Management and Research Institute in Sydney, says he is cautiously optimistic about the results.
But he says he will reserve overall judgment until further studies examine pain like that caused by physical trauma.
Dr Canals says the Melbourne team hopes that process is next.