Modern era medications can influence the quality and the duration of human life in ways that were never possible before. The invention of new medicines and improving the existing drugs are the fuels that power the global drug discovery market. Drug discovery and development requires an investment, but the process is of a longer time frame which often results in gaining lower profit margins. Apart from that, the strict regulatory approval processes following rigid mechanisms are impeding this market.
But today, drug discovery has significantly evolved with emerging technologies, making the process become more refined and less time-consuming. Multidetector readers, imaging hardware and software, high throughput screening are technologies that undoubtedly aid drug discovery. The collaboration of pharmaceuticals and biotech companies with manufacturing organizations also accelerates the innovation of new drugs. The increase in commonness of serious diseases and the rise in healthcare expense contributes to the growth of this market. Alternatives are entering to market as the patent expires enabling the development of new.
Innovation is the lifeblood of any industry, the global drug market also is accompanied by challenges because it has a deeper impact on human well-being. Their fundamental role in maintaining and enhancing human life that is connected with some social responsibility. But like any other industry customers tend to focus on the end outcome. And yet, as human beings are often fascinated by the possibilities of the latest advances in life sciences. The genesis of drugs can directly impact physiology and this realization elicits a closer examination of the methods, steps, and processes associated with it.
Inventing novel drugs is a business process which needs strict discipline, organization, and strategy. From a business perspective, successful innovation can have a dramatic, long-lasting effect on the pharmaceutical firm. It is not just patent protection but follow-up improvements with greater efficiency, fewer side effects, convenient dosage, changes in the application method should be offered to expand the market potential.