Five Keys to Reducing Time-to-Market
White Paper Jan 24, 2012
University Hospital of Mannheim
With development times measured in years, increasing costs represent a major challenge confronting pharmaceutical and biotechnology companies. As a result, reducing time-to-market is an essential component in any business strategy, particularly when the end of patent protection is considered. One solution is to partner with a contract manufacturer that provides intelligent concepts and the proper experience, not only with respect to the production itself, but also with regulatory authorities. Planning early on is crucial to speeding up the time-to-market process.
According to Benjamin Franklin’s famous quote in Poor Richard’s Almanac, “Time is money”. The American hero of the revolution, scientist and sage illustrated his point with an example involving ten shillings and six pence. Had Franklin been writing about today’s pharmaceutical industry, he might have been tempted to underscore his advice to do justice to the substantial sums involved – up to $1 million daily in the later stages of developing a new drug.