Patent Expirations Loom Over Big PharmaThu, 09/19/2019 - 17:59
Innovation is at the core of every pharmaceutical company’s success. With expiration for major blockbusters looming ahead, a strong pipeline of new products is key to sustaining growth. Globally, pharmaceutical and biotech companies spent US$171 billion in R&D in 2018 and are expected to spend US$177 billion during 2019, according to Deloitte. These investments are necessary as the cost to bring a new medicine to market can run up to US$2.17 billion. The sector will face significant challenges, as patent filings and the introduction of generic alternatives are expected to cost the industry billions during the coming years.