Despite being one of the largest contributors to global R&D spending, the Pharma industry experiences some of the worst returns on its expenditures. Long development times, process inefficiencies, regulatory challenges and uncertain outcomes all contribute to poor returns. This lack of performance not only limits innovation, but also negatively impacts patients.
Poor R&D performance can also lead to a lack of trust in the industry and the regulatory agencies that over-see it, which can have even broader implications for public health and safety. Thus, the importance of improving R&D in Pharma cannot be overstated. It’s also important to note that the potential financial benefits of improving R&D in the Pharma industry are enormous. Studies show that companies that are more efficient in innovation have higher market valuations, superior future operating performance and better stock returns.
Read our article from the latest edition of Pharma Manufacturing to learn more about the current state of Pharma R&D, and how Lean Development methods can potentially help companies streamline their R&D processes and achieve greater efficiency while driving effective innovation.