Lecture 11
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Pharma companies fund their R&D from…..
the revenues earned on products successfully introduced into the market and used by patients
what is the main role of the r&d process
add value to the idea
what is the conceot of attrition and portfolio
Multiple projects must be pursued in parallel to ensure product introductions -because the probability is so low that the project will actually succeed
failures in which phase are the most expensive
3
> 25 project starts -> ….
1 product registration
For more than a decade Pharma have spent billions of dollars on research to find a treatment for Alzheimer’s” ….”……
an estimated 150 to 300 experimental Alzheimer’s treatments have failed to show clinical benefits..
Of 100 failed AD drug programs … …. compounds failed in phase 3
30
Traditional Pharma R&D: programs
• Multiple development programs with different risk / reward • Programs with different failure profiles • early (cheap) or late-stage (expensive) failure • Programs of lower innovation • Fast-follower / me-better projects • Incremental innovation
which therapeutic areas have the highest success rates
cardiovascular cns infectuous diseases
THE TRADITIONAL MODEL: like how the company works
• Vertically Integrated Pharma Co. • Large self-sufficient organizations: • Use their own resources for majority of activities - “soup to nuts R&D” • Internal specialist scientists - ideation - project initiation • Associated with high fixed overhead / infrastructure / costs
The Evolving Pharma R&D model
• Focus on “core business”, limit fixed costs, offload routine tasks, access some technologies from specialist service providers • Increased use of service providers, external specialist technologies • Flexibility, short term contracts, reduced costs
Value / cost of acquisitions is dependent on …..
stage of development and product potential
how do people get money for science
-investors pay for the lil things -investors pay using milestone driven investment -exit and IPOs pay money
what is venture capital
-big companies that invest a lot of money in people -VCs raise capital based on their track record of portfolio company successes
what is domain associate
-Founded in 1985 -Raised 2.8 billion $ capital -Started ~260 companies
PfizerVaccine venture capital
-gutenberg uni -biontech -license pfizer
AstraZeneca Vaccine venture capital
-uni of oxford: IP -vaccitech -licence astrazeneca
j&J vaccine venture capital
-beth israel medical center: IP -licencej&j
moderna vaccine venture capital
Founded by: -Flagship Pioneering (VC) -Scientist entrepreneur investors
Many large pharmaceutical companies now have their own Venture Capital funds that are managed ….
and firewalled from the internal research
JLabs Incubator Labs
Currently 81 start-ups in supported; NYC, Boston, Toronto, Washington, LA, San Francisco Also in Belgium, Singapore, Shanghai