Mismanagement of R&D projects in biotech and pharma is more common than one might think and can result in high development costs and eventual clinical failure. Can we do something about it?
Biotechnology and pharmaceutical businesses are synonymous with both a high risk and an even bigger investment. Bringing new drugs to the market can take around 10 years of R&D and a lot of cash, averaging $1.3B per drug.
While we often hear about clinical trial failures, a less-discussed aspect is failure in the initial steps in the drug discovery and R&D process management. In fact, the success of the drug discovery process is notoriously low with an overall failure rate of over 96%.