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Drug development is a lengthy and expensive process, with a high failure rate of 90 percent during clinical trials. This statistic is often cited in the life science industry. However, 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 this trend. According to life science leaders, the industry needs to streamline and reconsider drug development to maintain a momentum of success in the future.
At the Milken Institute 2024 Global Conference, biomedical experts highlighted recent scientific breakthroughs such as mRNA vaccines and the first CRISPR-based therapy to receive regulatory approval as examples of what is achievable. They emphasized the need for innovation in drug development to maintain progress in this field. Noubar Afeyan, founder and CEO of Flagship Pioneering, suggested that changing the mindset towards drug development could lead to faster and more cost-effective innovation in this area.
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