In the pharmaceutical industry, the odds of successfully bringing a drug compound from discovery, through all phases of development, to submission and ultimately approval are daunting. If drug development was a table game at the casino, you wouldn’t sit down to play unless you were looking to lose all your money – fast!
A study conducted by Tufts CSDD Outlook Report from 2010, found the overall success rate for drugs moving from early stage Phase I clinical trials to FDA approval is about one in 6 (about 16%), costs more than $1 billion and takes on average more than 7 years.
If ever there was an area of business that was ripe for a breakthrough, drug development is it.
Executives in pharmaceutical companies, in an effort to mitigate the numerous risks their development teams face as best they can, spend hundreds of millions of dollars a year supporting these teams as best they know how. The lions-share of those dollars are spent on the latest technology, state-of-the-art equipment, and technical expertise.
While those aspects of the process are important, there is one key ingredient that is usually grossly undervalued and underfunded – the people themselves.
While companies often focus on what’s missing – be that competencies, skills, and resources – Insigniam’s 20-plus years of experience working in drug development tells us that often it is people’s perceptions, beliefs and mindset about the project that is the difference between business-as-usual and breakthrough results.