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The second paper in the PwC Pharma 2020 series, this report provides a visionary perspective on the change drivers that will impact research and development productivity and offer greater opportunities for the development of more, truly innovative products giving greater benefit to healthcare payers, providers and patients, and greater value for the companies involved.
The report suggests new technologies and the development of a virtual R&D process will improve our understanding of the underlying biology of the human body and its diseases, allowing researchers to better predict the effects of new drug candidates before they enter human beings. It discusses the fact that these changes could enable the shortening of the R&D process by up to two thirds, a dramatic reduction in attrition rates and a substantial reduction in the costs of clinical trials.
The necessary in-depth knowledge about the human body and the pathophysiology of disease will be generated through a collaborative research network of pharmaceutical companies, academia, independent research houses, IT providers, industry regulators, payers and providers. Decisions about reimbursement and licensing could fall within the remit of regulatory bodies who’s work and focus will be much more aligned to that of the broader group of healthcare stakeholders . Also the current all-or-nothing medicines approval approach will be replaced by a continuous accumulation of evidence demonstrating that a medicine genuinely works and is cost effective.
The paper highlights some very strong facts related to the need for Pharma to change its R&D process and improve productivity, in order so sustain future growth and performance. It outlines in some detail the nature of changes emerging in technology and the business environment which will provide Big Pharma companies with new operational constructs that will influence and impact their readiness to compete and ultimate success. The report also highlights seven fundamental challenges the industry faces that are reshaping the pharmaceutical marketplace: