After stepping up their R&D spending last year, biotechnology companies worldwide must deploy that capital to create more value from their research, EY concluded in this year’s 28th annual edition of its industry report, released Tuesday at the Biotechnology Industry Organization (BIO)’s 2014 International Convention in San Diego.
Beyond Borders: Unlocking Value focused on three strategies for creating more value—“Adaptive” clinical trials that allow biotechs to tweak their hypotheses and shift R&D spending based on clinical data; “Precision medicine” that identifies patient subgroups most likely to benefit from a new therapy; and cross-industry collaborations during precompetitive phases, spearheaded by big pharma.