The biomedical industry is facing a significant challenge with drug development. This process is often lengthy, costly, and has a high failure rate of 90 percent during clinical trials. However, recent advances in identifying and testing therapies, along with a more precise understanding of disease and a sense of urgency to address public health issues, may change this trend.
At the Milken Institute 2024 Global Conference, biomedical experts highlighted examples of scientific breakthroughs such as mRNA vaccines and the first CRISPR-based therapy to receive regulatory approval as evidence that faster and more cost-effective innovation is achievable. They emphasized the need for the industry to streamline its approach to drug development to maintain this momentum of success in the future.
Noubar Afeyan, founder and CEO of Flagship Pioneering, noted that changing the current mindset towards drug development could lead to faster and more cost-effective innovation. He argued that existing pharmaceutical companies benefit from the current slow and costly drug development process, which may hinder progress in the industry.
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