Pharma corporations have always played an important role in our lives while remaining mostly unnoticed. COVID-19, on the other hand, has thrust the pharmaceutical business into the spotlight. Governments and societies are betting on the Industry potential to help avert the next outbreak while also finding remedies for existing illnesses and diseases. Pharma businesses are facing an increasing number of hurdles in the aftermath of the pandemic, particularly in terms of research and development (R&D). Over the previous decade, costs have risen dramatically.
According to Statista, the pharmaceutical Industry will spend almost $200 billion on research and development in 2020. The time it takes to go from preclinical research to marketing can be anywhere from 12 to 18 years, delaying any form of return on investment and raising the danger to a company’s finances, especially in terms of liquidity. Because of the precedent created by the pharmaceutical Industry COVID-19 response, important vaccinations are now expected to be developed rapidly.
Meanwhile, the US Food and Drug Administration (FDA) has expressed a desire to increase competition in the pharmaceutical Industry in order to lower drug prices. Drug businesses must spend in their R&D systems to speed up the discovery process in order to stay competitive. Pharma businesses must account for the various technologies that are revolutionising the R&D process as industries across the board move toward a digital-only environment.