Eighty billion drugs are predicted to come off patent in the next three years. While some say this release of patents may save money for the healthcare system as a whole because generics will take the place of those coming off patent, there is no replacement for many drugs and there are patients that need these drugs. As a result, Pharmaceuticals and Biotech companies have two key imperatives:
- “Advance discoveries”, aka, reduce clinical trial timelines
- Reduce the escalating costs and risks associated with drug development
A recent article in the Wall Street Journal “Clinical Trial Death Watch” (March 16th 2010) echoes these imperatives. The message from the Wall Street Journal article is: there is a resounding need for efficiency and effectiveness to accelerate clinical trials. Even the government is trying to help with the acceleration of clinical trials. One recent study focused on collaboration. There are, however, still many complex issues that create barriers to realizing these imperatives. See, Forbes (March 26th, 2010 “Research and Markets: Investigating Clinical Trial Costs“).
Advanced Clinical wants to ask pharmaceutical, biotechnology, and medical device companies, “How do you advance discoveries?” What are the best practices you use to shorten clinical trials? How do you reduce risk and cost in drug development? Do you have a strong risk management approach, employee training, or metrics management? Advanced Clinical would like your ideas to create Industry Leading Trial Performance in clinical research.
Let us know how you advance discoveries here. If you win, your ideas will be part of our press release in June, and you will win an iPad! The winning list of ideas will be posted on June 20, 2010.
For winning list announcement, you can follow Advanced Clinical on facebook or on one of our social networks: