By Wayne Koberstein, Executive Editor, Life Science Leader magazine
Follow Me On Twitter @WayneKoberstein
The Enterprisers: Life Science Leadership In Action
What good can come of setback? What is the value, if any, in so-called failure? Must a “failed” clinical trial wind up in the great waste bin of misbegotten science? Actually, history answers those questions unequivocally. Setbacks can lead to new opportunities. Failure can clarify the goals, direction, and mission of the project. Trials that fail to verify the original hypothesis can light a better path to the truth. That is why merely dividing total R&D spending by successful drug approvals does not yield a real solution — one that accounts for the full value of biopharma research and development. If there were a price tag on new information or knowledge — a negative cost, so to speak — the equation would rebalance, adding value to that of new products at the macro, industry scale.