The global pharmaceutical industry has been facing a crisis over the last two decades, characterized by skyrocketing development costs, high failure rates, and dwindling returns. In parallel, tectonic shifts in the healthcare landscape have taken place with numerous new biotech companies boldly launching innovative drug discovery programs including several hundreds in Korea.
The key factors for success in drug development include well thought-out development strategies, robust clinical development plans and sound project management. Setting up an innovative but feasible development strategy early on in product development and seamless project management by professionals with in-depth knowledge, specific competencies and real-world experience guarantee greater confidence in success and provide a clear guidance along the way for a company.
On top of that, biotech companies should be able to monetize the assets through out-licensing within the timeline of the window opportunity. Most of companies should proceed IPO for various reasons. Some of US biotech companies want to expand markets to capitalize the sales potential in Asia.