The cost of developing new drugs averages about $500,000 a day over 12 to 14 years (~$2.5B average cost per new drug). This high development spend has not translated into a meaningful number of additional new medical entities approved by the FDA (about ~35 per year).
High development costs and thin pipelines have led many companies to shift towards a strategy of acquiring new drugs by purchasing BioTechs. Increasingly though, pharma finds itself in bidding wars to acquire the same few companies, often eliminating market efficiencies.
Not necessarily. The biggest opportunity and the single best return on investment for pharma companies is the elusive quest for the efficient lab. Given the rate of technology change every five years, labs that have not conducted a top to bottom review of technologies, applications and processes are missing out on opportunities to increase efficiency. A number of recent factors are transforming the lab:
An efficient lab is both a competitive advantage and a driver of enterprise value. Combining innovation with the principles of workforce optimization can help labs remain efficient in an environment of growing complexity, customer expectation, regulation and exponential proliferation of data. These principles include:
High-performing labs will be recognized for both innovation AND efficiency. Those that can adapt will remain laser focused on the drivers of value in order to get the most out of their lab operations.
For more information on how to optimize productivity in your lab, please contact us.
How pharma companies can enhance patient support programs with generative AI
This is Digital, Episode 16: From healthcare company to product company: Highmark's journey
The innovation landscape is rapidly changing—and increasingly distributed