Precedents play a central role in the drug development industry. Clinical trials are based on earlier studies with ostensibly similar drug candidates. Business models are judged against the current landscape. Assets are valued by looking for comparables. Indeed, big pharma consider the institutional accumulation of such experience to be a significant competitive advantage.
But if you stop and think about it, such an approach makes no sense if you seek true innovation. The premise of all innovation is that it breaks the mould, changes the goalposts, disrupts the marketplace. Aiming to change the world, and then judging your progress against historical norms isn’t just meaningless – some precedents can lead you down blind alleys or drive altogether the wrong decisions.
DrugBaron examines a number of recent examples of misapplied precedents to illustrate why, when searching for the breakthrough that changes everything, forwards is the only way to look.
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The Cambridge Partnership is the only professional services company in the UK exclusively dedicated to supporting companies in the biotechnology industry. We specialize in providing a “one-stop shop” for accountancy, company secretarial, IP management and admin services. The Cambridge Partnership was founded in 2012 to fill a gap. Running a biotechnology company has little …