A Crisis in Drug Discovery
Pharmaceutical companies are facing increasingly greater obstacles when developing and bringing innovative drugs to market. Their business model of developing and commercializing blockbuster drugs has become too expensive and slow and is therefore unsustainable. They are also not equipped to address orphan or other relatively rare diseases.
Pharmaceutical companies need to reduce costs, improve R&D capabilities, access emerging technologies, and bring medications to market faster and more efficiently. This will require partnerships outside their organizations (PWC’s Pharma 2020: Challenging business models).