Global Opportunities And Growth In Drug Development

Dec, 28 2023
Global Opportunities And Growth In Drug Development

The field of drug development is experiencing unprecedented growth and transformation. As scientific knowledge expands and technology advances, opportunities abound for researchers, pharmaceutical companies, and healthcare professionals. Let’s delve into the global landscape of drug development and explore the exciting prospects ahead.

1. Accelerating Drug Development

Rising Costs and Timelines

Despite remarkable scientific breakthroughs, drug development remains a costly and time-consuming process. The top 20 pharmaceutical companies collectively spend approximately $60 billion annually on drug development. Over the past decade, the average cost of bringing a drug to market (including failures) has surged to $2.6 billion, a staggering 140% increase1.

The Need for Transformation

To address these challenges, a true step change in drug development is essential. Holistic transformation can lead to faster drug approvals, improved quality, reduced costs, and better patient outcomes. Let’s explore the pillars of development excellence:

  1. Patient- and Healthcare-Professional-Centered Design Thinking: Incorporate design thinking from program and trial design to execution. Prioritize patient needs and experiences.
  2. Process Redesign: Streamline cross-functional processes within research and development (R&D) groups. Speed up development while leveraging research insights.
  3. Digital and Technology Enablement: Automate repetitive tasks and generate new insights. Embrace data-driven decision-making.
  4. Advanced Analytics: Utilize predictive modeling and external data sources for better decision quality and speed.
  5. Agile Ways of Working: Optimize working models across the portfolio for speed and effective decision-making.

Outsourcing Opportunities

Post-COVID-19 Landscape

The pandemic has reshaped the drug discovery and early development outsourcing market. Companies are increasingly turning to external partners for specialized expertise and cost-effective solutions. Key trends include:

Global Trends in R&D

New Drug Approvals and Pipeline Activity

The IQVIA Institute’s report on Global Trends in R&D 2023 highlights:

The Path Forward

As drug development evolves, collaboration, innovation, and agility will drive success. Researchers, industry leaders, and policymakers must work together to accelerate breakthroughs, improve patient lives, and shape the future of healthcare.


  1. McKinsey & Company. (2019). The Pursuit of Excellence in New-Drug Development1
  2. Frost & Sullivan. (2021). Global Drug Discovery and Early Development Outsourcing Growth Opportunities2
  3. Research and Markets. (2021). Global Drug Discovery and Early Development Outsourcing3
  4. GlobeNewswire. (2021). Global Drug Discovery and Early Development Outsourcing Growth Opportunities4
  5. IQVIA Institute. (2023). Global Trends in R&D 20235
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