The biotech industry is rapidly evolving, yet companies face significant challenges in executing clinical trials. Novotech’s recent report, Biotech Lessons Learned, highlights key insights shared by industry leaders at the 2024 Novotech Roundtable conducted at BIO. These lessons address the unique challenges biotech companies face in funding, manufacturing, patient recruitment, and global expansion.
Key Takeaways:
- Strategic Timeliness: Biotech companies face distinct advantages and challenges compared to large pharma. The report outlines how biotechs can leverage nimble, strategic approaches to drug development and emphasizes the importance of fast decision-making to meet critical funding milestones.
- Manufacturing Roadblocks: For biotechs, getting development right from the start crucial. Manufacturing remains one of the most significant hurdles, with a focus on ensuring quality and scalability, particularly for high-risk innovations.
- Global Expansion: Timing and location are key to success. While the US dominates clinical trials due to its infrastructure and regulatory environment, regions like Australia and Asia provide advantages such as faster patient recruitment and tax incentives.
- AI and Patient Recruitment: AI is transforming patient recruitment, enabling more precise matching of patients to trials and improving trial outcomes.
Partnering with experienced CROs like Novotech allows biotech companies to navigate these complexities and achieve clinical trial success. Download the full report for detailed insights and strategies to overcome the challenges facing the biotech industry.