Drug companies are pursuing collaborative efforts with other companies to manage in the world of pharmacogenomics and individualized medicine. What are some examples of these collaborative efforts by pharmaceutical companies (e.g Accelerated Medical Partnership (AMP) program ?
Collaborations in the Pharmaceutical Industry
Globally, drug companies have resorted to the adoption of a nascent approach which now underscores pursuing collaborations with other actors within the pharmaceutical industry. This is primarily meant to aid in the management of pharmacogenomics and the provision of individualized medicine across the board. Collaborations in the pharmaceutical industry are significant as a unique approach to addressing key challenges within the industry while targeting crucial improvements within the sector.
This single action is bound to introduce positive impacts for the parties involved since such liaisons make it easier to surmount a compact and unrelenting regulatory environment. In particular, innovations now herald a new period to capitalize on emerging opportunities given the great shift experienced within the sector after the enactment of the Bayh-Dole Act of 1980 (Sanchez-Serrano, 2019). Bio-tech was soon held in high regard owing to its capability to transform various aspects of healthcare, while introducing changes to improve patient outcomes.
Pfizer’s collaboration with the US tech giant International Business Machines Corporation (IBM)
For instance, Pfizer’s collaboration with the US tech giant International Business Machines Corporation (IBM) has been credited with introducing sweeping transformations within the pharmaceutical industry. This partnership now enables the former to utilize key and essential data in the development of new independent therapies such as state-of-the-art cancer therapies to tackle this existential challenge (Nawrat, 2020).
United States Food and Drug Administration (FDA) and Bath University
Similarly, the United States Food and Drug Administration (FDA) recently liaised with international higher education institutions such as the prestigious Bath University. The main objective was to develop non-invasive delivery frameworks of drug formulations while applying mass spectrometry, micro-dialysis, tape-stripping, and skin penetration tests for dermatological treatments (U.S. Food and Drug Administration, 2018).
Merck Sharp & Dohme (MSD) and Astex Pharmaceuticals
Also, the Merck Sharp & Dohme (MSD) has steadily worked towards collaborating with Astex Pharmaceuticals. This new partnership targets the development of miniscule molecule inhibitors to address challenges associated with drug targets (“MSD enlists Otsuka units Taiho and Astex to develop KRAS therapies,” 2020). It is through such efforts that new advances come into play, ultimately resulting in cumulative benefits for involved parties in the pharmaceutical industry.