The pharma and biotech industry can seem like such a confusing place sometimes and with so many different aspect to the business, it can be challenging to stay ahead of everything. We sat down with IQnovate to get an insight into some current issues facing pharma and biotech companies.
What do you think are the biggest issues facing pharma and biotech recently?
IQnovate: Diminishing pipeline, R&D costs including label expansion costs, generic competition and the need for biopharmas to demonstrate good housekeeping in the form of reduced headcount, increased profits while maintaining market share.
Do you think market access models are changing for pharma and biotech companies?
IQnovate: With the rising cost of healthcare, payers are now more demanding of the need to understand the cost benefit ratios in comparison to generics or alternative treatments. This requires a re-evaluation of the market access strategy and market access input earlier on in the drug development process.
Do you think pharma and biotech companies struggle to find adequate access to funding to further their R&D projects?
IQnovate: The struggle for pharma is more for pipeline molecules than cash. Biotech is greatly struggling for cash. However, innovative business modelling seems to be the way forward that is being used by many of these companies. These innovative business models may include out sourcing and partnerships; corporate VC – VC
Do you think it is hard for pharma and biotech companies to stay in compliance with all the regulations the industry requires?
IQnovate: The required regulatory compliance is certainly onerous and this requires the use of process and teams – adding to the operating expenses and ongoing maintenance of drugs licensed. This is especially so for new start up biotech companies that often do not have access to the funds, resources or knowledge required to manage this
What do you think are the 3 key factors in determining whether a pharma or biotech company will thrive in today's economy?
- Strong and knowledgeable management team that can see around corners
- Sustainable cash flow and logicization of OPEX
- Strategic partnership formation leading to decreased time to market for new compounds-hence increased patent protection period
IQnovate is a publicly listed scientific affairs company to the Biopharmaceutical industry taking your asset from pre-clinical through to commercialisation and beyond, achieving optimised pipeline value and ROI; bridging science with business. We are the first "one stop shop" for clinical development (pre-launch), RRC (launch) and advisory in the area of scientific affairs, market access, regulatory, licensing & partnering, and life cycle clinical development strategies. To find out more click here
IQnovate is a sponsor of BioPharma Australasia taking place at the Swissotel in Sydney from the 22nd-24th of August. To find out more click here
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