Innovation: The Lifeblood of Life Science
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Innovation is the lifeblood of the life science industry. It drives progress, shapes treatment paradigms, and propels scientific breakthroughs. The sector’s commitment to pioneering therapies and cutting-edge technologies is underscored by the $244 billion invested in R&D globally in 2022, according to Statista.
Striking a delicate balance between ensuring safety and expediting drug development remains the constant challenge. Navigating the complexity of biological systems to deliver patient solutions across diverse global regulatory frameworks demands unwavering adherence to rigorous standards. The result is an average cost of drug development above £2 billion. To swiftly adapt to emerging technologies, a further £20 billion was invested in digital health technologies in 2020. These substantial investments emphasise the pressure pharmaceutical companies face, the importance of robust intellectual property (IP) and reliance on patents to safeguard innovations and recoup investments.
Evidence of the industry’s dedication to innovation is also seen in the appetite for collaborative endeavours. In 2021, over 60% of life science companies engaged in partnerships to amplify their innovative efforts. However, navigating the legal, cultural, and strategic intricacies demands an intelligent and experienced approach.
Such a strategic approach is supported by a culture of risk-taking and the ability to initiate and embrace new partnerships. If life science companies can improve their innovation capability, they will be better able to address unmet medical needs and redefine the possibilities of healthcare.
In this eBook, we look at a cross-section of companies who have successfully navigated these challenges and driven innovation in highly regulated and often risk-averse sectors. Skarbek has extensive experience helping organisations achieve their innovative ambitions and understands the challenges facing the industry today. It’s why we have created the Innovation Fitness Index, a powerful holistic tool enabling businesses to pinpoint areas of opportunity, address critical issues early on and ‘get it right first time’.
Innovation is the lifeblood of the life science industry. It drives progress, shapes treatment paradigms, and propels scientific breakthroughs. The sector’s commitment to pioneering therapies and cutting-edge technologies is underscored by the $244 billion invested in R&D globally in 2022, according to Statista.
Striking a delicate balance between ensuring safety and expediting drug development remains the constant challenge. Navigating the complexity of biological systems to deliver patient solutions across diverse global regulatory frameworks demands unwavering adherence to rigorous standards. The result is an average cost of drug development above £2 billion. To swiftly adapt to emerging technologies, a further £20 billion was invested in digital health technologies in 2020. These substantial investments emphasise the pressure pharmaceutical companies face, the importance of robust intellectual property (IP) and reliance on patents to safeguard innovations and recoup investments.
Evidence of the industry’s dedication to innovation is also seen in the appetite for collaborative endeavours. In 2021, over 60% of life science companies engaged in partnerships to amplify their innovative efforts. However, navigating the legal, cultural, and strategic intricacies demands an intelligent and experienced approach.
Such a strategic approach is supported by a culture of risk-taking and the ability to initiate and embrace new partnerships. If life science companies can improve their innovation capability, they will be better able to address unmet medical needs and redefine the possibilities of healthcare.
In this eBook, we look at a cross-section of companies who have successfully navigated these challenges and driven innovation in highly regulated and often risk-averse sectors. Skarbek has extensive experience helping organisations achieve their innovative ambitions and understands the challenges facing the industry today. It’s why we have created the Innovation Fitness Index, a powerful holistic tool enabling businesses to pinpoint areas of opportunity, address critical issues early on and ‘get it right first time’.