This creates bottlenecks for drug sponsors and opportunities for service vendors. The more clinically focused contract research organizations, such as Kendle International Inc. and Parexel International Corp., could experience growth by the end of next year. Some contract research organizations are reporting significant signs of sector recovery, citing record new business awards, backlog, and verbal contracts. Advances in genomics and proteomics are revolutionizing the way drugs are being discovered. The leading pharmaceutical companies have set aggressive goals for drug development in the coming decade.
Pharmaceutical companies expect an increased number of products to reach approval and launch.
Additionally, they expect a larger percentage of these drugs to be novel compounds or blockbuster products. They have committed to earlier discovery of products, more efficient research and development expenditures, and making these same products with greater specificity designed to improve drug efficacy and safety. As these companies set forth these goals, the cost to research and develop new products continues to escalate, having tripled during the last decade. Science and technology will play a critical role in the industry s future success. Industry experts agree that these goals cannot be reached without significant changes in the way in which pharmaceutical companies are organized and the way in which they work with partners.