A strong innovation ecosystem leads to the creation of new life-saving medicines. The ecosystem’s strength and foundation stems from collaboration. As we progress through our value of medical discovery series, we focus now on the glue of the innovation ecosystem: public-private partnerships.
Recent studies suggest that the pharmaceutical industry discovers “roughly 80 to 90 percent” of all new drugs. Private biopharmaceutical innovators have invested more than $500 billion on research and development in the past 14 years, which has resulted in more than 5,000 potential new medicines in the global pipeline.
Although most new treatments originate in industry laboratories, this groundbreaking rate of discovery wouldn’t be possible without collaboration. When multiple stakeholders come together, we can create something bigger than our individual parts by each leveraging our unique abilities and know-how.
We have seen the power of collaboration firsthand. When Lilly joined with other Canadian and international organizations for the TVM Life Science Ventures VII, this major investment enhanced the entire life sciences ecosystem in Quebec and Canada overall.
Major diseases, like diabetes and Alzheimer’s, continue to have unmet needs. We need significant investment from both the private and public sectors to fund the groundbreaking research and development that these diseases require. New cures and life-extending medical advances are within reach and collaboration will bring these potential new medicines to fruition faster.
The symbiotic relationship of public-private partnership works to create medicines for the patients that need it most. This collaboration between key public and private stakeholders holds the key to bringing a healthier tomorrow for people around the globe.