The productivity in pharmaceutical research and development faces
intense pres sure. R&D expenditures of the major US and
European companies have topped US$ 33 billion in 2003 compared to
around US$ 13 billion just a decade ago. At the same time, the
number of new drug approvals has dropped from 53 in 1996 to only 35
in 2003. Moreover, the protraction of clinical trials has
significantly reduced the effective time of patent protection. The
consequences are devastating. Monopoly profits have started to
decline and the average costs per new drug have reached a re cord
level of close to US$ 1 billion today. As a result, any failure of
a new sub stance in the R&D process can lead to considerable
losses, and the risks of introduc ing a new drug to the market have
grown tremendously. Particularly if a company is highly dependent
on just a handful of mega-selling blockbuster drugs, the risks can
be even greater. For example, Pfizer generated about 90% of its
worldwide revenues in 2002 with just 8 products. Any shortfall of a
promising late-stage drug candidate would have left Pfizer with a
gaping hole in its product portfolio. In order to deal with these
risks, many pharmaceutical companies have started to organize their
R&D in partnership. In fact, more than 600 alliances in
pharmaceutical R&D are signed every year."
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