Lori Ioannou of CNBC reported recently that biotech now represents the innovative engine for drug development and clinical trials surpassing big pharma. These biotech companies, as TrialSite News observes on a daily basis, often license intellectual property from universities or drug discovery foundations and networks or even at times government agencies. The biotech start-up scene drives pharma innovation accounting for 63% of all new prescription drug approvals over the last five years HBM Partners reports.
In response, drug companies form venture capital subsidiaries to invest early in these ventures for strategic position. The pharma prescription market continues to grow worldwide: 6.5% compounded annual growth projected to reach $1.06 trillion by 2022.