Speed to market
Every month that a treatment with potential $billion-plus of annual revenues is delayed getting to market represents 1000s to potentially tens of thousands of patients whose potential to benefit is delayed, or for life threatening conditions, is lost forever. And with the average cost of bringing a new drug to market estimated at $1.3 billion (Wouters et al JAMA. 2020;323(9):844–853), for the manufacturer each month delay can be $100m+ of lost revenues that would enable a return on those investments.
Improving speed to market, and speed across the manufacturing process, has always been a major priority for drug developers and manufacturers. The Covid-19 pandemic experience delivering new vaccines in record time to patients showed how coordinated industry, regulatory and governmental focus could achieve what was previously thought unachievable. But how to bring some of that pace safely into the day-to-day post-pandemic operations for member companies across a broad range of therapies?
BioPhorum members are focussed on collaborating to establish step-by-step speed improvements in processes, supply chains, and plant build cycles among other areas. Often this involves leveraging the benefits of digital transformation, supporting regulatory alignment, and in embedding a culture of quality and compliance to minimize risk of delays.
Many of our Phorums have extensive records of outputs that have directly impacted on the acceleration of bringing products to market. Our members work together to support improvements that ultimately mean more patients can receive benefits earlier, and the industry can maximize its ability to invest in more therapies.