Healing Healthcare - transforming the drug life cycle
Big pharmaceutical organizations will tell you that innovation is at the heart of what they do. Whether they aspire to helping people "Do More, Live Longer, Feel Better" or are striving to "Save and Improve Lives" they all rely on robust research and disciplined development processes to bring new drugs to market in a cost-effective way. On average, the industry introduces 30 new drugs per year at a total annual cost of nearly $100bn.
The lead-time from discovery to launch of each of these drugs is usually over 10 years and the number of failed candidates for each successful launch is over 25,000, which poses the question, what should big pharmaceutical companies be doing differently in the 21st century to improve their rate of success?