Ten large biopharmaceutical companies announced today that they have formed a non-profit organization to accelerate the development of new medicines.
The venture was formed as big pharma companies struggle with the costs and failure rates in drug development. Also looming is the possibility of price controls on drugs that would reduce available resources.
Abbott, AstraZeneca, Boehringer Ingelheim, Bristol-Myers Squibb, Eli Lilly and Company, GlaxoSmithKline, Johnson & Johnson, Pfizer, Roche and Sanofi launched TransCelerate BioPharma Inc., according to an announcement made in Philadelphia. Many of the firms have operations in the Delaware Valley and New Jersey.
AstraZeneca has administrative operations in northern Delaware. AZ has shut down much of its research center in Delaware as it cuts costs and deals with the expiration of patents on many of its blockbuster drugs.
Through participation in TransCelerate, each of the ten founding companies will combine financial and other resources, including personnel, to solve industry-wide challenges in a collaborative environment. Together, member companies have agreed to specific outcome-oriented objectives and established guidelines for sharing meaningful information and expertise to advance collaboration.
“There is widespread alignment among the heads of R&D at major pharmaceutical companies that there is a critical need to substantially increase the number of innovative new medicines, while eliminating inefficiencies that drive up R&D costs,” said newly appointed acting CEO of TransCelerate BioPharma, Garry Neil, Partner at Apple Tree Partners and formerly Corporate Vice President, Science & Technology, Johnson & Johnson. “Our mission at TransCelerate BioPharma is to work together across the global research and development community and share research and solutions that will simplify and accelerate the delivery of exciting new medicines for patients.”
Five projects have been selected by the group for funding and development, As shared solutions in clinical research and other areas are developed, TransCelerate will involve industry alliances and other organizations.
TransCelerate’s headquarters will be in Philadelphia.