Drug development is a lengthy, costly process with a high failure rate of 90 percent during clinical trials. This statistic is often cited in the life science industry. However, recent advances in identifying and testing therapies, a more precise understanding of disease, and a sense of urgency to address public health issues may change this trend, according to life science leaders.
At the Milken Institute 2024 Global Conference, a panel of biomedical experts highlighted recent scientific breakthroughs such as mRNA vaccines and the first CRISPR-based therapy to receive regulatory approval as examples of what is achievable. They emphasized the need for the industry to streamline and reconsider drug development to maintain a momentum of success in the future.
Noubar Afeyan, founder and CEO of Flagship Pioneering, noted that the industry has accepted the current slow and costly drug development process, which benefits existing pharmaceutical companies. He suggested that changing this mindset could lead to faster, more cost-effective innovation in drug development. To read the full article and access daily coverage and analysis of the biotech sector, including this exclusive content, readers can subscribe to STAT+ for unlimited access to award-winning journalism and exclusive events.