The total cost of launching a new product has increased five-fold since the ’70s. Industry R&D expenditure has grown over 25 times in the same period; while R&D productivity has fallen. Plus there have been expensive product recalls.
Increasing regulatory pressures are compressing the window of time available to market a drug and recover the huge investments. All along, the global demand for drugs continues to rise.
The pharmaceutical industry is therefore seeking a paradigm shift that is focused on:
- Outsourcing non-core functions
- Increasing productivity of R&D
- Collaboration and cooperation
- Clinical data management
- Pharmacovigilance and drug safety monitoring
- Supply chain management
- Regulatory compliance
- Sales force productivity
- Interactive training