The challenges facing the delivery of authentic healthcare innovation across the globe are numerous than ever. Delivering innovative and authentic healthcare across the globe requires a sharp focus on the customer needs and preferences. Additionally, research and development in biotechnology demands the development and delivery of data, information, knowledge and products that generate a difference. These setbacks present various challenges to research and development in biotechnology industry. There are a myriad of benefits associated with new medicine that are enjoyed by patients. The production of new medicine means fewer side effects to the patients, improved quality of health and life, fewer hospitalization and increased productivity. On the other hand, the process involved in developing new medicine (research and development) is a long and complex process. Moore law can be applied to address some of these challenges exhibited in Reach and Development of new medicine (DiMasi and Henry 470).
The industry has been a victim of its own success.
The biotechnology industry may become a victim of its success given the quality of new medicine and therapies produced as a result of research and development. Since research and development is a continuous process, the market for medicine will always demand more improved and better drugs than the previous. As a consequence, the industry may fail to produce the desired quality within the given time. Production of high quality medicine raises the bar for biotechnology industry. The industry will always be expected to produce better drugs and therapies than the previous production.
Works Cited
DiMasi, Joseph A., and Henry G. Grabowski. "The cost of biopharmaceutical R&D: is biotech different?." Managerial and Decision Economics 28.4‐5 (2007): 469-479.
