Biotechs are facing an innovation deficit. 2023 is a landmark year for loss-of-exclusivity (LOE) and biosimilar challenges. Per Beyond Borders: EY Biotechnology Report 2023, five blockbuster drugs are falling off the patent cliff in 2023, with another seventeen products currently representing over US$145 billion in annual revenues losing patent protection over the next five years.
An eye-opening 2023 study published by Drug Discovery Today revealed that the average R&D efficiency per new drug for big pharma is a staggering $6.16 billion. Per the study, “R&D efficiency is a key indicator of how productively an R&D organization uses its allocated resources and is an indicator of how much money it takes to discover and develop a new drug.”
The crushing pressure to make up for lost revenue from LOE and to increase R&D efficiency falls primarily on the shoulders of scientists. To help them succeed, the industry needs to give them tools to do more with less.
While daunting, industry experts believe that these challenges will lead to a better overall biotech environment. Per EY, Andrew Hack, a partner with Bain Capital Life Sciences, anticipates that the current operating environment “will ultimately lead to a more efficient ecosystem of companies advancing truly innovative products… as an industry, we will come out of this as better stewards of capital, as well as disciplined organizations that will deliver more with less.”
In the wake of resource challenges, there are two ways to stretch funds; by making dollars work harder and by spending less of them. Utilization of a lab supply marketplace, such as ZAGENO, can accomplish both. A lab supply marketplace serves as a centralized ordering hub on a single platform where scientists can go to find the supplies, equipment, and tools they need.
At the heart of the life sciences industry is the mission to bring life-saving, life-improving drugs to the masses. On the front lines of this battle are our scientists, and they need our support. Contact ZAGENO to find out how you can help them deliver more with less.