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New Zealand's drug development industry
Michelle Marie Lockhart1, Zaheer-Ud-Din Babar, Christopher Carswell
1School of Pharmacy, Faculty of Medicine and Health Sciences, University of Auckland, Private Bag 92019, Auckland 1010, New Zealand. z.babar@auckland.ac.nz.
International Journal of Environmental Research and Public Health
|September 26, 2013
Summary
New Zealand
Area of Science:
- Pharmaceutical drug discovery and development
- Biotechnology and life sciences innovation
- Health economics and policy
Background:
- The pharmaceutical industry faces pressure to reduce drug development costs and find new compound sources.
- Academia and industry outsourcing present opportunities for novel drug discovery and development.
- New Zealand (NZ) possesses drug discovery expertise with potential for economic returns.
Purpose of the Study:
- To explore potential economic returns for New Zealand from its drug discovery and clinical research expertise.
- To analyze revenue generation from out-licensing drug development candidates and clinical trial conduct.
- To identify policy and financial support mechanisms to enhance NZ's role in drug development.
Main Methods:
- Modeled potential revenue from out-licensing a drug development candidate with projected peak global sales of $350 million.
- Estimated revenue from NZ's clinical research industry based on per-participant payments and trial numbers.
- Analyzed the impact of policy and financial support on revenue generation.
Main Results:
- NZ's clinical research industry is generating increasing foreign revenue.
- Out-licensing drug development candidates offers significant probability-based revenue potential for NZ.
- Appropriate policy and financial support are crucial for maximizing these economic returns.
Conclusions:
- New Zealand can achieve substantial economic benefits from its drug discovery and clinical research capabilities.
- Strategic policy and financial support are essential to foster growth in these sectors.
- Enhancing drug development out-licensing and clinical trial activities can drive foreign revenue and innovation.
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