Overcoming Challenges For Pharma Companies For Drug Discovery In CanadaSamuel Butt | August 11, 2022 | 0 | Pharmaceuticals
There are many challenges that pharma companies in Canada face in drug discovery. In this article, we will be discussing a few of the most common ones.
Lack of data sharing: Drug development is a long and expensive process that involves a lot of research and testing. The most challenging part is to identify the right target for your drug and find out how it works.
This phase is known as drug discovery. Drug discovery is not only expensive but also time-consuming. It takes about 12 years on average to go from identifying a target to getting a drug approved by the FDA (Food and Drug Administration).
Inadequate funding: Drug development requires a lot of money, especially at the early stages of research when you are trying to find out if there is any potential in your idea or not. Most companies have trouble raising enough capital during this period because investors don’t see any immediate return on investment (ROI) for their investment in early-stage research.
Inadequate human resources: Pharmaceutical companies often struggle with finding talented people who are willing to work on projects that can take over 10 years before they yield any results.
Benefits of The Recent Growth in The Pharmaceutical Industry
The recent growth in the pharmaceutical industry has been accompanied by an increased interest in the development of new drugs, as well as new and improved ways to administer existing medications.
The increased demand for pharmaceuticals has led to an increase in the number of companies that produce them. This means more competition and better pricing for consumers.
Pharmaceutical companies are working with healthcare providers to develop more efficient methods of administering medications and making the most of scarce resources like water and electricity. Patients are benefiting from these efforts as they receive better care at lower costs.
Factors Responsible for New Challenges for Pharma Companies
Pharma companies in Canada face a number of challenges in their search for new drugs. These challenges include:
- Finding and acquiring the right talent: Pharma companies need to be able to identify the best scientists and recruit them to work on drug discovery.
- Establishing the right partnerships: Many pharma companies work with other businesses, such as contract research organizations (CROs), to help them with their drug discovery efforts.
- Managing costs: Drug development is very expensive, so pharma companies have to be careful about how much they spend on it at every stage of development.
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