The Pharmaceutical Challenge: Innovation and Efficiency an Unlikely Pair

Innovation and risk have fueled the pharmaceutical industry since its inception. Manufacturers place their bets in the form of basic research, co-development, licensing and joint ventures. Hundreds of millions of dollars are required to take a promising formula to trial, where only a handful of the prospects will emerge as blockbuster drugs. The industry's focus on innovation has positioned U.S. pharmaceutical firms as world leaders up to now. This world is changing.

Intense competition for new drug discoveries, development, and revenue force pharmaceutical companies to seek a competitive edge. Increased regulation, downward price pressure and increasing research and development (R&D) costs suggest that another, as yet unclaimed competitive advantage might be in order. This advantage? Efficiency.

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