Or is it to just stem their R&D losses which have continued to climb?
Regardless, 10 Big Pharma companies announced they formed a new non-profit organization in August to speed up the R&D of new drugs and save some money. These include the big names like:
- Boehringer Ingelheim
- Bristol-Myers Squibb
- Eli Lilly
- Johnson & Johnson
The 10 companies state the new organization's goal is to boost the quality of clinical trials and speed up the typically slow pace of drug development. New paradigms they believe will lead to substantial cost savings. Specifically, the group has agreed to focus on five initial projects:
- Development of a shared user interface for investigator site portals
- Mutual recognition of study site qualification and training
- Development of risk-based site monitoring and standards
- Development of clinical data standards
- Establishment of a comparator drug supply model
These pre-competitive type projects are expected to improve efficiency and reduce costs leading to better returns on R&D investments.
The FDA is on board with the idea. Said Janet Woodcock, FDA's chief of drug regulation, "We applaud the companies in TransCelerate BioPharma for joining forces to address a series of longstanding challenges in new drug development. This collaborative approach, utilizing the collective experience and resources of 10 leading drug companies and others to follow, has the promise to lead to new paradigms and cost savings in drug development, all of which would strengthen the industry and its ability to develop innovative and much-needed therapies for patients."
Posted by Bruce Lehr Sep 24th 2012.