Impact of Strategic Changes on R&D Efficiency in Drug Development

Drug development has become increasingly challenging and expensive over the last decades, requiring more and more financial resources for bringing new drugs to market readiness. However, more recently a slight reverse of this trend could be observed with an increased number of drugs launched per bil...

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Bibliographic Details
Published inISPIM Conference Proceedings pp. 1 - 18
Main Author Riedel, Norman Hendrik
Format Conference Proceeding
LanguageEnglish
Published Manchester The International Society for Professional Innovation Management (ISPIM) 01.01.2021
Subjects
Annual reports
Biomarkers
Clinical trials
Collaboration
Costs
Drug prices
Drugs
Efficiency
Innovations
Management decisions
Manufacturers
New technology
Patient safety
Pharmaceutical industry
Portfolio management
R&D
Research & development
Research & development expenditures
Success
Trends
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Summary:Drug development has become increasingly challenging and expensive over the last decades, requiring more and more financial resources for bringing new drugs to market readiness. However, more recently a slight reverse of this trend could be observed with an increased number of drugs launched per billion of dollars spent on research and development. On further investigation it was found that this reversed trend was complemented by several strategic changes regarding means and direction of innovation. Internally corporate-driven innovation was combined with acquisition of smaller companies with the required knowledge and intellectual property. Furthermore, a shift in technology focus from small molecules to biologicals increased probability of success in drug development. In addition to that, drug manufacturers concentrated on better understood diseases or employed new technologies like biomarkers, thereby making drug development much easier.