Pharma Summit: Rethinking the future – new business models for pharma

The way pharma works needs to change with an increasing focus on collaborations, sharing data and access to medicines, according to a panel discussion at The Economist’s Pharma Summit in London yesterday.

In the opening panel discussion at the packed event, key industry leaders discussed the changing nature of the pharma industry, and how it will have to adapt in order to survive.

Joseph Herring, chairman and chief executive of USA-based contract research organization (CRO) Covance (NYSE: CVD), started the discussion by stating: “It costs too much to develop new medicines and it takes too long; it’s not new news but it’s the truth.” He added that big pharma must improve alliances with partners in a bid to tackle the rising costs of development.