The pharmaceutical industry is one, if not the most, profitable industry in the world. In the past decade there has been little breakthrough in innovation but its incredible record of breakthrough and innovation is a huge motivation for success and business. The industry, like many, faces risks and has an uncertain future when it comes to drug development and innovation.
With biotechnology on the rise within pharma, drug research and development is evolving into a faster paced process, with most companies now looking for more cost effective ways to deliver an end product, as innovative biotech products and approaches are generally more expensive. The faster paced research from these technological advancements is excellent for the increased amount of R&D that can be done. The advances in basic science have increased the number of drug targets, causing drug R&D becoming increasingly expensive.
This raises questions and debate about where the pharma industry is going and the pros/cons regarding the ever-changing industry. Because of the continuing growth within R&D having little to no effect on the increase of successful drug trails, leading to public distribution, experts say that collaboration could be a key, reoccurring method of drug development in the near future. We have seen an introductory arrangement of collaboration within pharma due to the increasing level of pharma/CRO relationships. Clinical outsourcing has become a popular method during the clinical trial process and has in fact become a major denomination of the drug production process. This is due to its cost affective prominence.
With the level of importance the pharmaceutical industry connotes, plus it’s an industry that generates the largest profit margins than any other, it’s very difficult to evolve and constantly change along with the constantly changing society we live in without facing problems and hurdles, leaving the future of pharma very unpredictable. Cost efficacy whilst developing successful drug R&D is the key focus in many pharma companies, resulting in increased spending on biotechnological advances and turning towards collaboration.