Technological Advances in Biopharmaceutical Industry Paves the Way for Precision Medicine: Report
FREMONT, CA: The promise of personalized medicine is becoming a reality generating notable improvements in human health and the potential to reduce the socioeconomic burden of disease in recent times, concludes "Evolving Technology Platforms in Pharma-Biotech (TechVision)" report by Research and Markets.
The research service depicts the current landscape of biopharmaceutical development, R&D portfolio and budgetary analysis, environmental analysis, industry best practices and strategic insights, assessment of partnerships and alliances, key technical and business challenges and emerging market needs.
The report says:
Most top-tier biopharmaceutical companies have launched their open innovation programs to foster scientific innovation and collaborations worldwide. Their new programs offer developmental opportunities with external collaborators through the free of charge access to the company’s tool compounds to conduct preclinical research in multiple therapeutic areas. Companies are signing material transfer agreement to protect the interests of both parties.
In the current scenario, factors affecting the cost, duration, and uncertainties associated with clinical trials have been continuously challenging the current drug development economic model by biopharmaceutical companies. Interdisciplinary works are preventing scientists from industry, government, and academia to develop new tools and methods to improve R&D efficiency and design new computer-based models. Instead, financial managers and economists who help to develop better predictive models are gaining attention in the present decade.
Candidate drugs in clinical trials holding better chance of success and involving a smaller number of clinical trials are expected to contribute to improve safety and efficacy. Accordingly, researchers are collaborating on pre-competitive research in areas such as biomarkers in order to accelerate research progress.
Report coverage and evaluation
With the continuous development of new treatments, the biopharmaceutical industry has become the most research intensive sector in developed nations. Investments are more than $125Bn, especially in early stages of development phase including the processes of discovering and developing new medicines.
Biopharmaceutical innovation has played a major role in the improvement of both length and quality of life during the past decade. It has considerably reduced the disease burden for individuals and the society. Innovative advances in the scientific understanding of the underlying mechanisms of disease are paving the way for precision medicine.