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The total average cost of bringing the drug to market (including drug failures) is now 2.6 billion dollars—a 140 percent raise over the last ten years.
FREMONT, CA: People are living in a time of tremendous scientific progress and a promise to improve human health. Their understanding of biology is expanding tremendously, alongside an increase in discovering new objectives and their related modalities.
Today, drug development costs and deadlines continue to increase, and the probability of success decreases. Collectively, the top pharmaceutical firms spend nearly 60 billion dollars per year on drug growth. The total average cost of bringing the drug to market (including drug failures) is now 2.6 billion dollars—a 140 percent raise over the last ten years.
The time is right for a real shift in the production of drugs. Thus, a holistic transformation is required to make this a possibility. While there is no magic bullet, drug developers should make a concerted effort to implement and incorporate several technologies to change growth. It should be possible to carry drugs to the market 500 days faster, providing a competitive edge within highly crowded asset classes and delivering much-needed therapies to patients sooner. This acceleration should be paired with increased safety and compliance, strengthened patient and healthcare professional experience, enhanced insights and decision-making, and reduced development costs by up to 25 percent to transform drug production.
Development Excellence: The Framework
Reimagining R&D calls for a redesign of the conventional approach to drug development to allow drugs to reach patients more efficiently, reduce development costs, and increase perspectives and decision-making. The five pillars form the foundation for excellence in development:
• Patient-and healthcare-professional-centered design thinking integrated the end-to-end design of the program and trial design into the implementation, acceptance, and launch of the trial.
• Process redesign, both cross-functional and inside R&D classes, increases development speed, and builds on research insights.
• Digital and technology enabling the automation of highly repetitive processes and the creation of new insights and data.
• Advanced research (including predictive modeling), informed by internal and external data sources, enhances decision-making quality and speed.
• Agile operating processes, including a working model designed for speed and decision-making throughout the portfolio.