Stakeholder Perspectives: Innovation within the Biopharma Industry
What does innovation mean within the biopharma industry? How much you spend on R&D? How many products you bring to market? How many New Molecular Entities (NME) you have in research?
Within the biopharma industry, R&D output is at odds with R&D investment. Between 1950 and 2010, the number of new molecules (including both biologics and small molecules) brought to market by the biopharma industry, per billion dollars of R&D expenditure, fell by a factor of 100 in inflation adjusted terms. Innovation, it seems, is getting increasingly expensive while the prospect of blockbuster income to pay for it is getting rarer. Something has to change.
So...what are the issues we need to consider?
This report tackles the pressing innovation issues and questions
Report Benefits
Within the biopharma industry, R&D output is at odds with R&D investment. Between 1950 and 2010, the number of new molecules (including both biologics and small molecules) brought to market by the biopharma industry, per billion dollars of R&D expenditure, fell by a factor of 100 in inflation adjusted terms. Innovation, it seems, is getting increasingly expensive while the prospect of blockbuster income to pay for it is getting rarer. Something has to change.
So...what are the issues we need to consider?
- New molecular entity (NME) output is not an accurate reflection of the state of innovation: new ways of measuring innovation within the biopharma industry are needed. Current methods of measuring NME output from either the FDA or EMA provide only a snapshot of what regulatory agencies deem approvable. The industry needs to move beyond NME output as a measure of innovation, taking into account provider, purchaser and user metrics including pipeline activity, clinical success, regulatory approval, patient access, satisfaction of unmet need and overall value to society;
- Collaboration is critical to success: Industry must leverage the experience, skills and insights from a diverse range of stakeholders such as physicians, patients and payers – this is critical to the future of innovation. But collaboration needs to be smart. Biopharma companies must collaborate only when the expected outcome adds value to society, contributes to better patient outcomes and supports commercial goals;
- Companies need to be brave: constantly mining a ‘comfort zone’ of known approaches leads to complacency and limits innovation. While many believe that all of the ‘low hanging fruit’ have been taken there is another perspective: that there is plenty of fruit left on the tree and companies just need the bravery and vision to look for them.
- This FirstView advisory report – the first in a major new series – provides everyone interested in the dynamics of biopharma innovation with a robust understanding of the issues, opinions and insights that are shaping the current environment, and the events that could lead to a change in the future. Every aspect of the report is informed by expert insight gathered from 60-minute interviews with 16 key opinion leaders (KOLs), payers and senior industry executives from leading companies from across Europe and the US.
- The impact of innovation within biotechnology over the last 15-20 years
- A view of what a world without biologics would have looked like
- The pros and cons of biological therapies
- Where biologics have been best received and where there is still resistance
- The role that industry played, and needs to play, within the ‘innovation ecosystem’
- The important and growing roles of key stakeholder groups
- Attitudes toward innovation within industry
This report tackles the pressing innovation issues and questions
- What does biopharma innovation mean?
- Where is innovation coming from?
- How can the lessons of the last few decades be used to guide future biopharma innovation?
- What will be the future trends in biopharma innovation?
- How has biopharma innovation been measured in the past, and do new ways of measuring innovation need to be developed?
- What must biopharma companies focus on in order to remain competitive and deliver innovation that is truly valued by society?
- Which companies are currently viewed as being leaders of innovation within the pharmaceutical industry?
- What disruptive technologies and market dynamics are likely to impact the rate of innovation within the biopharma industry?
- What do KOLs, payers and industry stakeholders view as critical for biopharma companies to focus on in order to maintain shareholder returns and deliver customer value?
Report Benefits
- Understand and evaluate the current status of innovation within the biopharma industry, including the key drivers and resistors of innovation
- Get up to speed with current thinking on how innovation is measured within the biopharma industry
- Know what potential changes need to be made in terms of how innovation will be assessed in the future
- Understand clinical, payer and industry opinions of current and future market dynamics
- Appreciate what the critical opportunities biopharma companies should be investing in and how these opportunities can be realised
EXECUTIVE SUMMARY
RESEARCH METHODOLOGY, AIMS AND OBJECTIVES
INNOVATION WITHIN THE BIOPHARMA INDUSTRY
A review and analysis of the defining characteristics of today’s biopharma industry, and how they are effecting innovation
The measurement and benchmarking of innovation within the biopharma industry, and some views on the key drivers and resistors of innovation
KEY STAKEHOLDERS IN THE INNOVATION ECOSYSTEM
Who they are, and what their roles must be in order to drive innovation
Future perspectives on how each key stakeholder group must learn to work together more closely
OPPORTUNITIES FOR BIOPHARMA COMPANIES, BOTH NOW AND IN THE FUTURE
A review and analysis of some of the key opportunities biopharma companies should be investing in to drive future growth, including ‘beyond the pill’ strategies, biosimilars, cancer immunotherapy, gene therapy, regenerative medicine, personalised medicine and networks.
A SCENARIO-BASED ANALYSIS OF POTENTIAL BIOPHARMA FUTURES
An overview of scenarios, and how they can be used to analyse potential future market dynamics
The critical scenario drives of this report, and how they were devised
Four potential scenarios, with a robust review of each scenario in terms of its potential implications to the key stakeholders within the innovation ecosystem
Expert views and insight on the scenarios, and what it could mean for biopharma companies.
CONCLUDING REMARKS
RESEARCH METHODOLOGY, AIMS AND OBJECTIVES
INNOVATION WITHIN THE BIOPHARMA INDUSTRY
A review and analysis of the defining characteristics of today’s biopharma industry, and how they are effecting innovation
The measurement and benchmarking of innovation within the biopharma industry, and some views on the key drivers and resistors of innovation
KEY STAKEHOLDERS IN THE INNOVATION ECOSYSTEM
Who they are, and what their roles must be in order to drive innovation
Future perspectives on how each key stakeholder group must learn to work together more closely
OPPORTUNITIES FOR BIOPHARMA COMPANIES, BOTH NOW AND IN THE FUTURE
A review and analysis of some of the key opportunities biopharma companies should be investing in to drive future growth, including ‘beyond the pill’ strategies, biosimilars, cancer immunotherapy, gene therapy, regenerative medicine, personalised medicine and networks.
A SCENARIO-BASED ANALYSIS OF POTENTIAL BIOPHARMA FUTURES
An overview of scenarios, and how they can be used to analyse potential future market dynamics
The critical scenario drives of this report, and how they were devised
Four potential scenarios, with a robust review of each scenario in terms of its potential implications to the key stakeholders within the innovation ecosystem
Expert views and insight on the scenarios, and what it could mean for biopharma companies.
CONCLUDING REMARKS
