Drug Development Innovation Enabled by Real-World Data Studies
Michelle Hoiseth, Chief Data Officer, PAREXEL
Leanne Larson, Corporate Vice President and WW Head, Real-World Evidence, PAREXEL
The process of drug development is not on a sustainable path forward and needs to shift in order to support patient needs. 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 and it has become imperative to address these issues and implements 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 real-world data can improve the drug development and make it more sustainable, we have Michelle Hoiseth, Chief Data Officer, PAREXEL and Leanne Larson, Corporate Vice President and WW Head, Real-World Evidence Strategy, PAREXEL. This is part 3 of a 4-part series on the four innovations, with this podcast focusing on real-world data. The other episodes may be found at www.pharmavoice.com/podcasts.