Has the Big Pharma completely lost public trust? If so, how can it restore its credibility in the view of patients, policymakers, and the rest of the public taxpayers? How can it gain the trust of the public and tackle issues related to drug discovery?
Pharma companies are struggling to reconstruct trust in the U.S. where increased drug prices, opioid scandals, and anti-competitive behaviors are all the big news on national media. Low productivity and high R&D costs are driving the pharmaceutical industry to unprecedented challenges and scrutiny. Pharmaceutical companies are continuously facing challenges in cost aspects, strict regulations, and new drug discovery. Of course, these issues are always overcome with new growth opportunities. There have been novel approaches being taken to treat new diseases and discover drugs. Innovative, agile, and consumer-focused are the words that are often associated Big Tech than Big Pharma. However, all these three concepts are very central to the concepts of drug development processes. Pharmaceutical companies should employ creative problem-solving abilities to deal with the unpredictable errors in clinical trials, with the ambition of getting life-saving therapeutics into the market at the earliest. Due to the pricing scandals, pharma’s reputation with the public has been damaged.
Drug discovery has never been an easy task to walk on with limited and resource draining R&D processes. This is the main challenge currently being faced by pharmaceutical companies and continuing. All the pharmaceutical companies are together investing about $6 billion in developing a new drug. From the last few years, market growth has generated high revenue for pharmaceutical manufacturers. Growth is driven by patent expiry of drugs and a simultaneous increase in the demand for such medicines in the market space.
With many challenges in the industry, the outsourcing of different development and manufacturing operations are expected to continue, especially to face the challenges in drug discovery proceedings. Open science is now a part of the drug development landscape, enabled by many technological innovations. Unfortunately, not every enterprise is appropriate or compatible with an open approach. Many pharmaceutical companies have partnered with artificial intelligence to develop the best diagnostics or biomarkers to identify the drug targets and to design the new drugs. A question that still remains is about AI’s potential and ability to transform the process of drug targets and drug discovery.