The biotech industry is facing challenges with drug development, including a high failure rate of 90 percent during clinical trials. However, recent advances in identifying and testing therapies, a more precise understanding of disease, and a sense of urgency to address public health issues may change this trend.

During the Milken Institute 2024 Global Conference, a panel of biomedical experts highlighted recent scientific breakthroughs such as mRNA vaccines and the first CRISPR-based therapy to receive regulatory approval as examples of what is achievable. They emphasized the need for the industry to streamline and reconsider drug development to maintain a momentum of success in the future.

Noubar Afeyan, founder and CEO of Flagship Pioneering, noted that the industry has accepted the current slow and costly drug development process, which benefits existing pharmaceutical companies. He suggested that changing this mindset could lead to faster, more cost-effective innovation in drug development.

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