Abstract
The pharmaceutical industry's profitability depends on identifying and successfully developing new drug candidates while trying to contain the increasing costs of drug development. It is actively searching for new sources of innovative compounds and for mechanisms to reduce the enormous costs of developing new drug candidates. There is an opportunity for academia to further develop as a source of drug discovery. The rising levels of industry outsourcing also provide prospects for organisations that can reduce the costs of drug development. We explored the potential returns to New Zealand (NZ) from its drug discovery expertise by assuming a drug development candidate is out-licensed without clinical data and has anticipated peak global sales of $350 million. We also estimated the revenue from NZ's clinical research industry based on a standard per participant payment to study sites and the number of industry-sponsored clinical trials approved each year. Our analyses found that NZ's clinical research industry has generated increasing foreign revenue and appropriate policy support could ensure that this continues to grow. In addition the probability-based revenue from the out-licensing of a drug development candidate could be important for NZ if provided with appropriate policy and financial support.
| Language | English |
|---|---|
| Pages | 4339-4351 |
| Number of pages | 13 |
| Journal | International Journal of Environmental Research and Public Health |
| Volume | 10 |
| Issue number | 9 |
| DOIs | |
| Publication status | Published - 13 Sep 2013 |
| Externally published | Yes |
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New Zealand's drug development industry. / Lockhart, Michelle Marie; Babar, Zaheer Ud Din; Carswell, Christopher; Garg, Sanjay.
In: International Journal of Environmental Research and Public Health, Vol. 10, No. 9, 13.09.2013, p. 4339-4351.Research output: Contribution to journal › Article
TY - JOUR
T1 - New Zealand's drug development industry
AU - Lockhart, Michelle Marie
AU - Babar, Zaheer Ud Din
AU - Carswell, Christopher
AU - Garg, Sanjay
PY - 2013/9/13
Y1 - 2013/9/13
N2 - The pharmaceutical industry's profitability depends on identifying and successfully developing new drug candidates while trying to contain the increasing costs of drug development. It is actively searching for new sources of innovative compounds and for mechanisms to reduce the enormous costs of developing new drug candidates. There is an opportunity for academia to further develop as a source of drug discovery. The rising levels of industry outsourcing also provide prospects for organisations that can reduce the costs of drug development. We explored the potential returns to New Zealand (NZ) from its drug discovery expertise by assuming a drug development candidate is out-licensed without clinical data and has anticipated peak global sales of $350 million. We also estimated the revenue from NZ's clinical research industry based on a standard per participant payment to study sites and the number of industry-sponsored clinical trials approved each year. Our analyses found that NZ's clinical research industry has generated increasing foreign revenue and appropriate policy support could ensure that this continues to grow. In addition the probability-based revenue from the out-licensing of a drug development candidate could be important for NZ if provided with appropriate policy and financial support.
AB - The pharmaceutical industry's profitability depends on identifying and successfully developing new drug candidates while trying to contain the increasing costs of drug development. It is actively searching for new sources of innovative compounds and for mechanisms to reduce the enormous costs of developing new drug candidates. There is an opportunity for academia to further develop as a source of drug discovery. The rising levels of industry outsourcing also provide prospects for organisations that can reduce the costs of drug development. We explored the potential returns to New Zealand (NZ) from its drug discovery expertise by assuming a drug development candidate is out-licensed without clinical data and has anticipated peak global sales of $350 million. We also estimated the revenue from NZ's clinical research industry based on a standard per participant payment to study sites and the number of industry-sponsored clinical trials approved each year. Our analyses found that NZ's clinical research industry has generated increasing foreign revenue and appropriate policy support could ensure that this continues to grow. In addition the probability-based revenue from the out-licensing of a drug development candidate could be important for NZ if provided with appropriate policy and financial support.
KW - Clinical research
KW - Drug development
KW - Drug discovery
KW - Economic benefits
KW - New Zealand
UR - http://www.scopus.com/inward/record.url?scp=84884683459&partnerID=8YFLogxK
U2 - 10.3390/ijerph10094339
DO - 10.3390/ijerph10094339
M3 - Article
VL - 10
SP - 4339
EP - 4351
JO - International Journal of Environmental Research and Public Health
T2 - International Journal of Environmental Research and Public Health
JF - International Journal of Environmental Research and Public Health
SN - 1661-7827
IS - 9
ER -