By Michael Rosenberg, M.D., MPH, Life Science Leader magazine
Nobody likes hard times, but they do have one redeeming quality: They focus attention on areas neglected in good times. The need for greater efficiency is a prime example, especially for small drug development companies. Even in the best of times, they must cope with the formidable combination of high costs, long timelines, and low success rates. And when hard times come, they feel it first and most acutely. These companies should be the first to ask: Is there a better way?
In a word, yes. Hard times make a strong case for adopting recent advances in clinical development that can greatly improve efficiency, reduce costs, shorten timelines, and maximize the impact of investment budgets. In addition, these advacements allow earlier acquisition of knowledge and the ability to optimize strategy in ways ranging from terminating futile programs earlier to moving directly to the next development phase.