To boost innovation and meet public expectations, pharmaceutical and biotechnology industry need to increase collaboration in drug development, says Steve Arlington, president of the Pistoia Alliance. He called collaboration “the only truly viable model,” as developing a new drug normally takes 12 to 15 years at an estimated $2.7 billion cost.
Innovation requires work from multi-disciplinary teams of multiple entities and different geographies. Collaboration will not only accelerate drug discovery, but also make R&D budget go further — and help prove the value of newly approved drugs to payers once they come to market.
Arlington wrote in his piece on PharmExec.com:
“Take, for example, our ability to know more about the genomic stratification of patient groups. This has resulted in R&D becoming more complex and big breakthroughs less frequent; blockbuster drugs have given way to a new class of ‘nichebusters’. These niche therapeutics require considerable amounts of cross-domain data to develop. Not only to smooth the path of approval through agencies like the FDA and EMA, but to prove to payers the value of a drug or device. Collaboration will help to usher in common industry standards that govern data quality and interoperability.”
Subscribe to the MMIT blog for more pharma, provider, and payer perspectives on key topics that affect the healthcare network.