It is an exciting time right now for the pharmaceutical and biotech industries, particularly in the clinical trial sector. These are some of the major developments on the horizon for pharma and biotech, including research into innovative new vaccines, opportunities for job creation, and research into branding.
Concerns about the new Coronavirus escalated after the recent outbreak in China, which has prompted federal researchers to start working closely with the biotech company, Moderna, to develop a vaccine for the deadly virus. Just recently, the first case of the new Coronavirus was reported in the United States. Much of the research right now revolves around mRNA vaccine technology. The technology should enter the clinical phase later this year.
Right now, the U.S. Food and Drug Administration is studying what impact the name of a drug has on how consumers perceive the drug’s efficacy. Researchers have enlisted the help of 500 consumers and 500 healthcare providers, who will be asked question about seven different drug names, including one name that is very explicit and several that are more neutral. The research should help companies improve branding and marketing of pharmaceutical products and help improve consumer trust. You don’t want the name of a drug to discourage consumers from using the medication if the drug has the ability to help them.
Known for their insulin products, the pharmaceutical company, Eli Lilly, has made plans to invest $470 million to build a brand-new injectable drug and device manufacturing facility in Durham, North Carolina. The company already has a sizeable plant in Indianapolis. This expansion by Eli Lilly and Company could create up to 460 new biotech jobs in North Carolina. The average salary for those jobs is estimated at $72,000. Construction will start in 2020 and if all goes well, the facility will be finished in 2023.
The pharmaceutical and biotech industries are thriving. They have benefited and helped fuel the current economic growth in the United States and abroad. Thrilling developments are on the horizon for biotech. Research into the Coronavirus should help bolster the already booming clinical trial sector, research into naming will provide insight into branding, and Eli Lilly’s new plant is slated to create new employment opportunities in biotech.
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