The development of drugs is a complex process that requires long timelines and high costs. With a failure rate of 90% during clinical trials, the industry has been slow to innovate. However, recent scientific breakthroughs have shown promise in changing this dynamic.
At the Milken Institute 2024 Global Conference, a panel of biomedical experts highlighted the development of mRNA vaccines and the first CRISPR-based therapy to receive regulatory approval as examples of what is possible in the industry. These successes are a testament to the potential for drug development to accelerate and bring new treatments to patients faster.
Despite these successes, there is still a need to streamline and rethink drug development in order to accelerate the pace of future breakthroughs. Noubar Afeyan, founder and CEO of Flagship Pioneering, emphasized the need to move away from slow and costly processes that favor incumbents. He believes that by embracing innovation and challenging the status quo, we can create a more efficient and effective drug development process.
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