However, to fully capitalize on the opportunities, the industry will have to abandon its current model and move to a new model of drug discovery and development which embraces multiple strategic partnerships.
Amar Kureishi, head of strategic drug development Asia, said: â€œThe rapid ascent of Asia, with its access to fresh capital and willingness to discard old assumptions is injecting new life into global drug discovery and development.
â€œWithin the changing landscape, we call the New Health, patient empowerment and market access considerations will be the drivers of innovation and a rebalancing of medical need and commercial considerations will occur.â€
However, Mr Kureishi makes the case that for this to take place; the industry has to radically change its business model.
Mr Kureishi said: â€œThis new model will transform from a linear structure, in which one firm owns all of the pieces, to one of multiple partnerships, with a focus on collaboration instead of control.
â€œThe model can be represented by a wheel and spokes with companies such as a full-service CRO or a large biopharma at the center of the wheel, outsourcing many of the tasks it previously performed in house. In this model, the biopharma company and CRO will play a more strategic role in clinical drug development and help foster innovation.â€
Quintiles, a biopharmaceutical services firm, claims that service firms, specializing in clinical research, will become more important in clinical drug development, not only from a contract service provider prospective, but also as experts with deep global experience in strategic drug development.
With a cross-industry view of trends, these service companies will be ideally positioned to evaluate risks and make informed decisions within partnerships.
This collaborative model has potential to drive drug development forward in an entirely new way. By reimagining roles and relationships within the larger value chain, companies that focus on their strengths while partnering in other areas are very likely to thrive in this new landscape.
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