Week in Review: Industry Collaboration Key To Success

Week in Review: Industry Collaboration Key To Success

03.22.13 | By Kaelan Hollon

How can the pharmaceutical industry adapt to a rapidly changing environment? The short answer: collaboration. This week, The Catalyst featured several posts highlighting the importance of collaboration to advance patient care and improve lives.

Collaborating to Find Cures

After delivering closing remarks at the Economist's Pharma Summit 2013, our President and CEO John Castellani was interviewed by Paul Tunnah at PharmaPhorum. Castellani outlined how the structure of the industry has changed, and how that change facilitates the development of science and lifesaving medicines. "[W]e are now seeing the pharmaceutical industry research model changing very rapidly. The old model is being replaced with a more open source, highly collaborative model that allows organizations to work together in the pre-competitive space to solve common problems that have everything to do with science," he said.

Collaborating to Reduce Costs

Another leader in innovation, Parkinson's Action Network CEO Amy Comstock Rick, authored a guest post that discussed the economic value of working together to fight Parkinson's disease. She noted that the National Institute of Health found that funding for Parkinson's was only 1.05 percent of the $14.4 billion in costs associated with it, and with nearly half (48%) of the medical expenses evaluated in a recent study Medicare and Medicaid-related, slowing the progression of the disease would provide a cost-savings.

"To achieve [these cost savings], we need academic and industry research groups to collaborate and share knowledge to facilitate the discovery of new treatments that will slow the advancement of Parkinson's and decrease the monetary burden for patients, while increasing quality of life," she concluded.

The Catalyst also highlighted a new Medicines in Development report that addresses the chronic diseases affecting older Americans. With the population of Americans over 65 on the rise and life expectancy climbing, chronic diseases not only threaten the health and productivity of seniors, but also contribute significantly to rising health care costs. More than 465 new medicines U.S. biopharmaceutical companies are being developed that target the 10 leading chronic conditions facing older Americans. Those medicines will provide seniors with the treatments they need to avoid the financial burden associated with chronic disease.

Collaboration on every level will affect patients in need and the companies who make new medicines to help them. Check back often to hear more.

More On PhRMA — powered by PhRMApedia