The challenges facing pharmaceutical companies’ R&D functions have never been greater. Under pressure to deliver innovative products while holding spending flat, organizations are feeling the impact. In fact, in the past three years, 18 R&D locations have closed in the United States—an additional 14 in Europe. But a shift is under way. Leading pharmas are leveraging new information management platforms to reduce costs, shorten drug development timelines, and maintain quality and compliance. These companies are turning to pre-competitive collaboration.
Better, faster outcomes
By working with other research partners, the flexible, pre-competitive collaboration model means companies no longer have to bear all the development burdens themselves. What’s more, this new approach may be able to cut development costs by more than 30 percent and accelerate timelines by at least 10 percent, while still maintaining high quality and compliance.
The cloud-based model is also helping pharma companies:
- Focus on the science—rather than the operations—of clinical trial execution.
- Facilitate data exchange between external partners. We’re already seeing this with TransCelerate Biopharma, a nonprofit joint venture which brings together 10 Big Pharma companies to find ways to make the clinical trials process more efficient.
- Establish foundational capabilities to facilitate future growth and efficiency.
For most pharmaceutical companies constrained by the costs of drug development, regulations and lengthy timelines, this change in approach couldn’t come soon enough. Far-sighted pharmas know they need to overhaul their approach to R&D. Pre-competitive collaboration could be that sharp turn that puts them back on the road to profitable growth and helps them rethink, reshape and restructure for better patient outcomes.
To learn more, download: Pharma’s Sharp Right Turn on R&D: Creating an IT Platform to Fuel Future Growth.