Innovation In Pharmaceuticals

In the past pharmaceutical innovation was about new discovery in medicines and inventing new products for common diseases. This is a problem because this kind of innovation is not common and is very variable. Data collected by CMR International1 indicate that projects based on new targets have significantly lower success rates than those based on established targets in every phase of the discovery process. CMR International data also show that projects on new targets typically take 16 months longer to deliver a drug candidate into preclinical development than projects on established targets (Journal of Commercial Biotechnology). There is a new trend of innovation in pharmaceutical R&D. This is how fast and productivity the companies can get out their products. Companies that focus large amounts of discovery investment on new targets risk being slower and less successful at getting products into development, and therefore onto the market (Journal of Commercial Biotechnology). The very successful company, Pfizer is focusing heavily on R&D and new ways to improve on it. The pharmaceutical industry can focus on innovating throughout the value chain, to differentiate products, for the increasing demands of regulators and payers, and increasing the speed to market (Journal of Commercial Biotechnology). This is because in the pharmaceutical industry, there are so many products to sell, so there is always a replacement product. Marketing groups must work closely with R&D, by trying to innovate the way you sell products, the companies can sell what they already have and the sales of other substitute products will go done. This new differentiation can also be achieved through owning innovative chemical scaffolds, developing new approaches in medicinal, and creating clinical strategies focused specifically on demonstrating differentiation (Journal of Commercial Biotechnology). Pfizer has a strong R&D plan and also has a new spin on marketing products. They are very customer oriented and ethical. This could be an innovative way to sell products because there have been scandals in the pharmaceutical industry about unethical testing and practices.

Rethinking innovation in pharmaceutical R&D: Research and Regulation (2005). Retrieved from:

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