Recent advances in identifying and testing therapies, a more precise understanding of disease, and a sense of urgency to address public health issues may change the trend of drug development being a lengthy, costly process with a high failure rate of 90 percent during clinical trials, according to life science leaders.
Drug development is a complex process that has been criticized for its slow pace and high cost. However, recent scientific breakthroughs such as mRNA vaccines and the first CRISPR-based therapy to receive regulatory approval have shown that it is achievable. A panel of biomedical experts at the Milken Institute 2024 Global Conference emphasized the need for the industry to streamline and reconsider drug development to maintain momentum in the future.
Noubar Afeyan, founder and CEO of Flagship Pioneering, believes that changing the current mindset about drug development could lead to faster, more cost-effective innovation. He noted that existing pharmaceutical companies benefit from the current slow and costly process. However, by adopting a more agile approach to drug development, life science companies can accelerate innovation and bring new treatments to market more quickly.
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