Wednesday 10 October 2007

‘Better medicine leads to better business’ according to Dr Stephen Little, CEO of DxS Ltd who opened the Fifth Annual BioCity Lecture on Wednesday 10th October. In the first of two presentations looking at the future challenges in the development and economics of medicines, Dr Little provided the invited audience with an entertaining introduction to personalised drug application, now more possible as a result of our knowledge of genetics. Given that 90% of drugs are effective in only 30-50% of the population, the potential for perfect-match medication is both economically and socially attractive. The real test will come when healthcare buyers begin to flex their economic muscles by paying for results rather than pills. Will they ask for their money back if the medicines fail to deliver? Dr Little’s company is watching with interest.
Major corporations like AstraZeneca are scanning the pharmacoeconomic horizon for both opportunities and threats, so it fell to Executive Director of Development, Dr John Patterson, to give a thoughtful address based on his view as one of the most senior representatives of the company. Despite working in a market whose sales top $500 billion, only the fittest will survive. Dr Patterson described how the long development timescales, rising costs and a slowing market require the pharmaceutical companies to re-launch their business strategies every 20 years in order to compete. Given that 75 of the top 100 drugs will go off patent by 2012, companies must look to diversify as well as find
even more efficient means of bringing products to market. In AstraZeneca’s case this has involved the launch of a venture capital fund to invest in early stage companies, and partnering to spread the risk. Despite the challenges, Dr Patterson is optimistic given the good science base to the industry which means pharmaceuticals is still one of the biggest contributors to UK exports.
Following the lectures, guests enjoyed a champagne reception to the melodic strains of a jazz trio and the opportunity to talk further with the speakers. They also toasted BioCity Nottingham’s 5th birthday.