Pharmaceutical Industry Needs Big Innovations In Drug Development
Experts in the industry say that the pharmaceutical companies can no longer assume all the risk of drug development. Earlier, companies used to have their internal research centers and companies tried to hire the best people available to make the breakthroughs in drug development. But today, most of the drug development companies are going outsourcing their R&D efforts.
Some industry experts worry that many companies are not doing enough to pursue the drug development of some diseases like multiple sclerosis, Parkinson’s, Alzheimer’s diseases. The companies claim that they have spent sufficient time on the drug development research and do not see any breakthrough in near future. So, a lot of those companies have shelved these research projects and have moved on to drug development for diseases that are a safer bet. Another group of scientists think that companies should not give up on the research so easily. Companies have already discussed so many compounds during the research period. At least all those compounds should be documented, and negative results should become public, so that the other researchers know which compounds to follow for their research.
Many patents held by the big pharmaceutical companies for their blockbuster drugs will soon expire. A report from IOM, published in June, identified over 1500 drugs in development for various neurological diseases. But most of those drugs are small variations of main drugs found to be helpful. The variations just test a different formulation. So, in reality, there are very few drugs in the pipeline. This calls for more innovations in the drug development industry and at a faster rate. Companies are facing an increased challenge of lack of resources due to the economic downturn. That’s another reason pharmaceutical companies are investing in the research for safer diseases and avoiding riskier projects, so that they can realize their returns faster and with greater certainty.
An alternative innovative approach would be to streamline the most expensive phase of drug development, the clinical phases. Such pathway would allow to new compounds to be tested at a lower cost and in a shorter time, and ultimately reduce risk.
The new healthcare reform has a legislation, authorizing up to 0.5 billion dollars a year for projects helping companies in speeding up their drug development processes. Will this bill provide enough safety net and incentivize the companies in pursuing innovation? Are there any other ways the pharmaceutical companies could speed up their research? What do you think?