With significant uncertainty characterized by higher R&D costs, depleted pipelines and financial restrictions, the pharmaceutical industry can no longer function on its old model of closed innovation and completely protected intellectual property (IP). Gone are the glory days of blockbuster drugs on a conveyor-belt of success. With a rapidly approaching patent expiry cliff on the horizon, the pharmaceutical industry is at a crossroads with a tough decision to make: break with tradition and work on a new and unchartered business model or risk stagnant pipelines and the potential decline of the industry.
Indeed, the BRIC emerging markets are already making their stamp on the industry with their comparably lower costs, phenomenal population bases and vastly unmet medical needs – all of which combine to produce an exciting opportunity for ‘big pharma’. However in order to do that, success needs to continue to consolidate itself in developed markets if funding is to be able to siphon itself across. Open and reverse innovation is not just pivotal for companies on their home turf, but for the global community at large.
Through the sharing of risk, cost and IP through R&D strategic alliances including pharma, biotech, academic drug discovery centers and CROs, the developed markets can begin to look towards faster and more efficient models of R&D and delivery systems, knowledge sharing to promote quicker ROI and a far larger and comprehensive knowledge base that has never been possible, until now.
The Next Generation Pharmaceutical Drug Discovery committee will meet to mark out a path through the current global economic and industry pressures to pave the way for truly open innovation. With Daniel Ruppar, Director of Research for North American Healthcare at Frost & Sullivan, moderating the committee paneled by Maurico Futran, VP of Process R&D for Bristol Myers Squibb, and Garry Neil, CVP of Science and Technology at Johnson and Johnson amongst other key players, the committee is already firing on all cylinders to promote the key resources required to deliver a fully integrated and collaborative approach to next generation drug discovery and development.
With further attendees including John Orloff, SVP and CMO for Novartis, William Chin, Executive Dean for Research at Harvard Medical School, Jim Keirns, VP at Astellas Pharmaceuticals and Allan Shatzman, VP at GlaxoSmithKline, the Next Generation Pharmaceutical Drug Discovery committee is set to answer one question: Could open innovation models that have proved successful in other sectors be fruitfully adopted by the pharmaceutical industry and lead it into a new era of drug discovery?