“Drug development has become increasingly complex and more expensive over time. In an industry where failure rate can be as high as 90% and the average time to market for a drug has hovered around 12 years for the past three decades, the need to innovate is paramount,” revealed David Humphreys, head of Health Policy for the EIU and lead author on the research report. “With this research, we aimed to quantify, for the first time, how the industry can use innovations in drug development and market access to improve efficiency, rekindle productivity and restore sustainability.”
The Innovation Imperative: The Future of Drug Development has resulted from research conducted by the EIU into identifying the most effective innovations in drug development as well as market access. Additionally, they analysed the impact these innovations had on the market against key industry success criteria using clinical trial data and other sources in the United States, the European Union, China and Japan.
This article highlights the scope for developing therapeutics with new innovative, alternative approaches. The current trillion dollars pharmaceutical industry is in peril where the current drug development pipeline is slow, inefficient and incapable of being extended to multi-combination drug therapies as well as minimally focused on prevention. The complex modeling of diseases and biological functions has been limited because of the inability to integrate large scale molecular pathways.
Watch this Video to understand how recent advances provide breakthrough technology for doing scalable modeling of complex molecular systems to dramatically accelerate drug discovery and development.