2020 Global Drug Repurposing Service Providers Market - A Look at Repurposed Drugs in the Fight Against COVID-19
DUBLIN, Sept. 14, 2020 /PRNewswire/ -- The "Drug Repurposing Service Providers Market, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
Novel drug/therapy development is a complex and capital intensive process characterized by several challenges and setbacks. A prominent concern reported by innovators is attrition (close to 90%) of candidate drugs/therapies owing to various reasons, in addition to therapeutic efficacy and safety. Moreover, it is estimated that a new drug takes anywhere between 10-12 years to progress from the bench to market. Given the increasing global population and rising incidence of various types of diseases, medical researchers and drug developers are faced with a growing need to expedite time-to-market for their respective therapeutic candidates, while optimizing the R&D expenditure. Of late, the repurposing of marketed/shelved/pipeline candidates for the treatment of diseases different from what they were originally developed for, has emerged as a viable business strategy. The rising popularity of this approach may be attributed to benefits, such as reduced development timelines and relatively higher success rates. In fact, of 28 drugs approved by the USFDA in the first quarter of 2020, 12 were repurposed. Further, it is estimated that around 25%-40% of annual pharmaceutical revenues are generated from the sales of repurposed drugs. It is also worth highlighting that repurposing offers significant cost saving opportunities to innovators, while guaranteeing substantial returns on investment. In fact, the cost of developing and marketing a repurposed drug has been estimated to be USD 300 million, compared to the USD 2-3 billion investment required to bring a novel drug into the market. In this context, it is worth mentioning that several drugs (150+) that are presently being used/evaluated to treat COVID-19 are repurposed; prominent examples include chloroquine/hydroxychloroquine and remdesivir.
A number of service providers, including CROs, claim to provide the necessary support to drug developers in identifying/predicting prospective clinical trials for repurposing. Such companies offer a variety of services, encompassing both drug discovery operations and consultancy requirements. In fact, many such players claim to have developed proprietary platforms based on advanced technologies, such as big data analysis, artificial intelligence (AI) and real world evidence, in order to facilitate drug repurposing related decision-making. This upcoming industry has witnessed significant partnership activity in the last ten years, with service providers having established strategic collaborations with innovator companies, as well as information technology (IT) and data management experts. Experts believe that outsourcing activity related to drug repurposing is anticipated to grow at a rate of 20-25%.
The report features an extensive study of the current market landscape and future opportunities for players offering services for repurposing/repositioning/reprofiling of drug candidates. The study also includes an in-depth analysis, highlighting the capabilities of various service providers engaged in this domain. Amongst other elements, the report includes:
- A detailed assessment of the current market landscape of companies offering drug repurposing services based on several relevant parameters, including year of establishment, company size, location of headquarters, type of company, type of service offered, purpose of repurposing, type of repurposing and technology platform used.
- A detailed analysis of the various partnerships that have been signed within this domain, during the period 2013-2020, along with information on year of partnership, type of partnership, and partner company, type of technology/platform used, and key value drivers and location of collaborators.
- A review of recent initiatives undertaken by big pharma players across the globe for the discovery and development of repurposed drugs, along with information on number of initiatives, year of initiative.
- A detailed analysis of terminated/withdrawn/suspended drug candidates that can be repurposed, based on several relevant parameters, such as current recruitment status, trial phase, cause of discontinuation of trial, type of sponsor, target therapeutic area(s).
- A detailed analysis on the cost saving potential of drug repurposing approaches, as compared to the traditional de novo drug development methods.
- Elaborate profiles of key players that specialize in offering services for the development of repurposed drugs. Each profile features an overview of the company, details on type of technology platform used, drug discovery and repurposing focused service portfolio, and an informed future outlook.
- Detailed profiles of key organizations; each profile features an overview of the company, and recent developments related to drug repurposing. It provides brief discussion on the various research institutions and non-profit organizations that are presently engaged in the drug repurposing domain.
Companies Mentioned
- AbbVie
- Abiomics Europe
- Anaxomics
- Anticancer Fund
- Apodd
- Ariel University
- Astellas Pharma
- AstraZeneca
- Auxilis Pharma
- Avivia
- Bayer
- BayPoint Biosystems
- BenevolentAI
- Bill & Melinda Gates
- Biovista
- Bioxcel
- BioXplor
- Boehringer Ingelheim
- Bright Focus Foundation
- Cardiomedex
- ChemBio Discovery Solutions
- Chordoma Foundation
- Cloud Pharm
- Creative Biolabs
- ecancer
- Eli Lilly
- Empiric Logic
- espeRare
- Euretos
- Eurofins
- Evotec
- Excelra
- FindaCure
- Fios Genomics
- Fraxa
- Galactica Biotech
- Genome Biologics
- Gilead Sciences
- GlobalCures
- Green Pharma
- GSK
- GVK BIO
- Hartwig Medical Foundation
- Healx
- Helomics
- Hybrigenics Services
- IBM
- Innoplexus
- Innovate UK
- Insiliance
- Intomics
- Iris Pharma
- Jeeva Informatics
- Johns Hopkins University
- Keio University
- Lantern Pharma
- LEA
- Nostrium biodiscovery
- NovaData
- Novalead Pharma
- Novartis
- Syngene
- Therasis
- Tovem
- TranScientae
- Transmed
For more information about this report visit https://www.researchandmarkets.com/r/m1plfb
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data.
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article