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Drivers of Innovation
Necessity may be the mother of invention, but it's not its only parent. There are numerous factors that have historically stimulated innovation in the pharmaceutical and medical product industries. However, the role and significance of some of these factors in continuing to drive future innovation in these industries is largely unknown or unclear. Some of the major factors that have historically acted as drivers of innovation in these industries include profit, societal need, and scientific discovery. The existence of various factors that drive innovation in pharmaceutical and medical industries is because of the fact that the development of a pharmaceutical or medical product is usually lengthy and expensive. As a result, it's associated with numerous complexities, high risks, and short window of return on investment.
The factor that will have the greatest influence on the development of medical products today is societal need. Generally, the development of pharmaceutical or medical products usually commences with identification and definition of medical needs before progressing into other stages like research, search for lead compounds, and optimization (Ng, 2015, p.17). Societal need will have the greatest influence on the creation of medical products because these products are usually developed to meet certain...
The impact of societal need in this process is also attributable to the increase in emergence and spread of diseases that continue to generate burdens on the healthcare sector. As new diseases emerge, the pharmaceutical and medical industries are increasingly devoted to the identification and development of new products that will help deal with the diseases and eventually lessen healthcare burdens.
During the development of medical products, societal need with regards to medical needs is the basis of the process of drug discovery and entails identification of causes of the disease or healthcare burden. Medical needs are utilized as the framework for screening and testing chemical or biological compounds. The screening and testing is carried out against the disease targets or its representatives as part of measures to identify leading drug candidates. While scientific discovery and profit also play a role in development of medical products today, societal need has the greatest influence on this process because medical products are targeted towards meeting certain medical needs. Without medical needs, it would be difficult to engage in drug discovery and drug development processes. Therefore, the factor with the greatest influence on the development of medical products today is societal need.
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References
BIGPRO. (2013, November 4). Biotechnology -- Driver of Innovation in the Pharmaceutical Industry. Retrieved January 8, 2015, from https://www.gesundheitsindustrie-bw.de/en/article/dossier/biotechnology-driver-of-innovation-in-the-pharmaceutical-industry/
Ng, R. (2015). Drugs: From discovery to approval (3rd ed.). Hoboken, NJ: Wiley-Blackwell.
Riboud, C. (2014, November 19). Innovation in the Pharmaceutical Industry: A Change Toward Personalized Medicine. Retrieved January 8, 2015, from https://www.parexel.com/parexel-insights/innovation-pharmaceutical-industry-change-toward-personalized-medicine/
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