Precision Medicine Trials in Oncology
Anita Nelsen, Vice President, Translational Medicine, Parexel
Angela Qu, Senior Director, Biomarkers & Genomic Medicine, Parexel
The process of drug development is not on a sustainable path forward. The system is inefficient, lengthy and costly. Despite the rising costs of R&D, failure rates are as high as 90% and the average time to market now takes approximately 12 years. Companies are hard pressed to bring affordable drugs to market, which significantly impacts market access. It has become imperative to address these issues and implement innovations that could improve the process and deliver on the promise of drug development efficiency.
Recognizing this as a major issue that the industry is facing, Parexel commissioned the Economist Intelligence Unit (EIU) to evaluate four existing clinical trial innovations to better understand how innovative approaches can influence the efficiency, productivity and sustainability of the drug development process and increase the likelihood of market access.
The key findings of this research and analysis were presented in a report: The Innovation Imperative: The Future of Drug Development. To discuss this EIU report, its findings and how innovations like Precision Medicine can improve drug development and make it more sustainable, we have our two thought leaders. Both have an expertise and depth of experience in Precision Medicine, and will explain the value of Precisions Medicine, the barriers for adoption, the role of the patients in these trials, the need for training the workforce adequately for these innovative trials, and the changes in the system that are needed for maximum adoption.
This is the fourth podcast in a 4-part series on innovations in drug development and the value they offer in making it more efficient, cost-effective and sustainable. The other episodes may be found at www.pharmavoice.com/podcasts.