RISK VS. REWARD - TIP THE SCALES IN THE PHARMA INDUSTRY
Over the last twelve months, one industry has dominated the news – you guessed it, the pharmaceutical industry! With the race to develop a vaccine for the coronavirus, the whole world has gotten a glimpse into what it means to work in or with pharmaceuticals. But even with that sneak peek, most of the population has no idea all that goes into the development, testing, approval, and production of a drug – or the risks.
To succeed in any industry, you have to be willing to take calculated risks, and equally as important - be proactive in mitigating these risks when possible. This is ESPECIALLY true in the world of pharmaceuticals. When a company starts working on a drug, they’re taking a risk because the development of a new drug is extremely complex, expensive, and VERY time consuming. In fact, it takes approximately 12 years for an experimental drug to go from the laboratory to end consumers.
To put that into perspective, 12 years ago was 2009. Let’s take a look at some things that happened in 2009… just to refresh our memories: