As reported by The Pharma Times, ten of the world’s top pharma companies have come together to form Tran
, with the aim of combatting inefficiencies in clinical trials.
This is the largest ever initiative of this kind and will involve the following pharmaceutical companies will be involved:
- Boehringer Ingelheim
- Bristol-Myers Squibb
- Eli Lilly
- Johnson & Johnson
Over the past few decades, the productivity of research and development within the pharmaceutical industry has been declining whilst the costs have been steadily rising. In fact, it is estimated that about 5,000 to 10,000 potential drugs fail for every one that is approved. In addition, the cost of getting a drug approved has risen from $140m in the 1970s to over $1.2 billon. One reason for this increase is the time it takes from finding a compound to getting it approved by regulators – which can take between 10 to 15 years.
Therefore, the aim of TransCelerate is to shorten this time whilst reducing costs. This is explained by TransCelerate Head, Gary Neil: “It will enable everybody to develop new drugs faster and better. If this helps to reduce costs, then maybe we can investigate more drugs.”
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