The development of new drugs requires hundreds of millions of dollars and takes 15-17 years. Along with assessing the effectiveness of the drug, this analysis examines its safety and likelihood of adverse reactions. The process is extremely costly and is dependent on the successful approval of early-stage trials. Consequently, the process of development and approval is complex and expensive. This is why it is critical to use a reliable tool like Drug Pipeline Analysis to evaluate the future development of a drug.
The global
oncology
drug pipeline analysis market is driven by numerous factors,
including increasing costs of therapies and the cost of clinical
trials. There are two main types of oncology pipelines. The first category
includes drugs that are still in development and have significant market potential.
The second category consists of cancer-related drugs. The first segment
includes products that are already available in the market. These drugs are
marketed in the US and abroad. Typically, the pharmaceutical industry is split
between North America and Europe. This area has the largest oncology pipeline.
The global oncology drug pipelines are fueled by research and development,
which is conducted by major pharmaceutical companies in these regions.
Oncology
field is witnessing the rapid development of novel therapies for cancer. The
U.S. Food and Drug Administration approved 46 new molecular entities and
biologic license applications in 2015, with 16 of them being new cancer
therapies. Such factors are propelling the oncology drug pipeline analysis segment.
This growth is expected to continue as cancer-related treatments and new drugs
are introduced in the region. There are many companies that have successfully
used oncology drug pipeline analysis to identify the potential for new
therapies. In November 2021, the U.S.
Food and Drug Administration granted approval to Carfilzomib (Kyprolis, Amgen,
Inc.) plus dexamethasone and daratumumab + hyaluronidase-fihj (Darzalex Faspro,
Janssen Biotech, Inc.) for the treatment of adult patients suffering from
relapsed multiple myeloma.