The cost of opportunity
18 maart 2019
A study on pharmaceutical R&D costs
The costs of drug development has been a point of discussion for a long time, with many articles published on this topic having different outcomes. From the Fair Medicine point-of-view, a well-funded basis of transparent research is the first step in developing new, innovative business models within the process of drug development. Fair Medicine collaborated with Gupta strategists on a study to determine the costs of drug development and its drivers.
In addition to the study, Fair Medicine wrote a whitepaper discussing the potential implications. Due to the change in pharmaceutical products that are developed, i.e. a shift to orphan drugs, biologics and personalized medicine, there is a need for innovative drug development models with the focus on future accessibility and affordability. The study serves as a basis to assess new innovations and initiatives regarding drug development, as well as a basis for the discussion with authorities, public institutions and the pharmaceutic industry. In order to make an impact, our focus is on lowering the costs of drug development and implementation of the Fair Medicine model that relates the costs of drug development to the market price of the product.