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DUBLIN--(BUSINESS WIRE)--The "Drug Repurposing Service Providers Market, 2020-2030" report has been added to ResearchAndMarkets.com's offering. Novel drug/therapy development is a complex and capital intensive process characterized by several challenges and setbacks. A prominent concern reported by innovators is attrition (close to 90%) of candidate drugs/therapies owing to various reasons, in addition to therapeutic efficacy and safety. Moreover, it is estimated that a new drug takes anywhere between 10-12 years to progress from the bench to market. Given the increasing global population and rising incidence of various types of diseases, medical researchers and drug developers are faced with a growing need to expedite time-to-market for their respective therapeutic candidates, while optimizing the R&D expenditure. Of late, the repurposing of marketed/shelved/pipeline candidates for the treatment of diseases different from what they were originally developed for, has emerged as a viable business strategy. The rising popularity of this approach may be attributed to benefits, such as reduced development timelines and relatively higher success rates. In fact, of 28 drugs approved by the USFDA in the first quarter of 2020, 12 were repurposed. Further, it is estimated that around 25%-40% of annual pharmaceutical revenues are generated from the sales of repurposed drugs. It is also worth highlighting that repurposing offers significant cost saving opportunities to innovators, while guaranteeing substantial returns on investment. In fact, the cost of developing and marketing a repurposed drug has been estimated to be USD 300 million, compared to the USD 2-3 billion investment required to bring a novel drug into the market. In this context, it is worth mentioning that several drugs (150+) that are presently being used/evaluated to treat COVID-19 are repurposed; prominent examples include chloroquine/hydroxychloroquine and remdesivir. A number of service providers, including CROs, claim to provide the necessary support to drug developers in identifying/predicting prospective clinical trials for repurposing. Such companies offer a variety of services, encompassing both drug discovery operations and consultancy requirements. In fact, many such players claim to have developed proprietary platforms based on advanced technologies, such as big data analysis, artificial intelligence (AI) and real world evidence, in order to facilitate drug repurposing related decision-making. This upcoming industry has witnessed significant partnership activity in the last ten years, with service providers having established strategic collaborations with innovator companies, as well as information technology (IT) and data management experts. Experts believe that outsourcing activity related to drug repurposing is anticipated to grow at a rate of 20-25%. The report features an extensive study of the current market landscape and future opportunities for players offering services for repurposing/repositioning/reprofiling of drug candidates. The study also includes an in-depth analysis, highlighting the capabilities of various service providers engaged in this domain. Amongst other elements, the report includes: Companies Mentioned For more information about this report visit https://www.researchandmarkets.com/r/kgd7j4 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data.

Answer: Global Drug Repurposing Service Providers Market Analysis and Forecasts 2020-2030 - ResearchAndMarkets.com