Research driving need for new management mindset in biotech sector
The biotechnology and pharmaceutical sectors are undergoing major changes caused by increased research in the areas of biomedicine and biogenetics in recent years and much more detailed knowledge of the impacts this will have on the industry at large.
So notes Prof Jan Rosier from the UCD School of Biomolecular & Biomedical Science and programme director of a new Diploma in Strategic Growth (Biotech & Pharma Industry) at Smurfit Executive Development at the UCD Michael Smurfit Graduate Business School.
“The fact is that the impact of biological research and knowledge generated over the past few years is such that industry really needs to address these challenges from a management perspective. There is an overwhelming amount of new data,” he explains.
“Not only this, but the industry also faces new challenges in the area of health economics, ie the pricing and reimbursement of drugs.”
The dramatic shift in recent years is driven by the fact that current research has led to the development of drugs that are extremely effective, but only for a limited number of patients.
“Thanks to research we know more now about the genetic disposition of patients. Therefore firms are capable of developing specific drugs for small numbers of people. The investment required is still very high and they have to achieve return on investment. This impacts society at large and Government decisions need to consider reimbursement,” says Rosier.
“The strategy upon which the pharmaceutical industry in Ireland was built for years was based on blockbuster drugs. But these are going to disappear as we move more into the field of precision medicine. We need to prepare managers and help them to develop a different mindset.”
