TORONTO, Oct. 21, 2020 /PRNewswire-PRWeb/ -- Today's pharmaceutical and medical device companies are facing rising pressure from healthcare communities with patients needing more personalized care, consumers and policy makers pushing to lower healthcare costs, the drive to reduce time and costs to bring new products to market, and complying with increasingly onerous regulations. Meanwhile, the industry is focused on developing more innovative products that improve patient outcomes while decreasing healthcare costs. How does a pharmaceutical or medical device company even begin to try and achieve all these objectives?
Innovating while simultaneously reducing the time and cost of bringing products to market are critical to the financial stability and growth of life science companies. And achieving these goals, without sacrificing quality and patient safety is a prerequisite that is extremely hard to satisfy. This has prompted companies to develop ways of improving the total product realization by examining the processes of development, preclinical verification and validation (V&V), clinical studies, regulatory compliance, manufacturing, sourcing, and others.
New life-changing and life-saving products are being developed by companies across the globe. In order for the FDA to achieve their mission of bringing innovative and safe therapies to patients, the industry needs to find a balance between the amount and type of testing and the number of patients necessary to evaluate the experimental therapies, as well as rely on other scientific data sources such as computational models.
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