The development of drugs is a complex process that involves long timelines and high costs, with 90% of drugs failing during clinical trials. However, recent scientific breakthroughs have shown promise in changing this dynamic. At the Milken Institute 2024 Global Conference, a panel of biomedical experts highlighted the development of mRNA vaccines and the first CRISPR-based therapy to receive regulatory approval as examples of what is possible in the industry.
Despite these successes, there is a need to streamline and rethink drug development in order to accelerate the pace of future breakthroughs. Noubar Afeyan, founder and CEO of Flagship Pioneering, emphasized the need to move away from slow and costly processes that favor incumbents. He highlighted how established pharmaceutical companies often accept the status quo, which can hinder progress in the industry.
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