Biopharmaceutical innovation requires a hefty investment: A recent study published in The Journal of the American Medical Association (JAMA) reported an average cost of $1.3 billion to bring a new drug to market, from drug discovery through clinical trials to approval. And it is often the biopharma company that comes under fire when cost burden to patients is in question.
But affordability of these innovations is not the biopharma industry’s cross to bear alone, according to Peter Kolchinsky, co-founder and Managing Partner at RA Capital Management, LP and author of The Great American Drug Deal: A New Prescription for Innovative and Affordable Medicines. In this first of two interviews, Kolchinsky sits down with host Jeff Stewart to discuss the current healthcare landscape and how government, society, the insurance industry and biopharma must work together in order to fulfill what he calls the “biotech social contract” – where patients will be able to afford their treatments and society will continue to reap the benefits of medical innovation.
If you want access to more future-focused, actionable insights to help biopharmaceutical companies better execute and succeed in a constantly evolving environment, visit the Syneos Health Insights Hub. The perspectives you’ll find there are driven by dynamic research and crafted by subject matter experts focused on real answers to help guide decision making and investment. You can find it all at insightshub.health.
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