Trustnet Magazine 77 October 2021 | Page 40

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enthusiasm for the sector stems from a convergence of technological breakthroughs that have accelerated innovation , including in tackling cancer , heart disease and Alzheimer ’ s . “ Biology is very , very difficult ,” Slater says . “ It ’ s really the progress made in the field of information technology that ’ s allowed us to get to this point where you can see progress . It ’ s the cumulative impact of advances in fields as diverse as mRNA therapeutics and machine learning , DNA sequencing and cloud storage .” Slater draws a parallel with retail and media , where technology has opened opportunities for companies with better , cheaper products . “ Until now , you haven ’ t seen this same trend in healthcare . In fact , you ’ ve had the opposite : continuous cost inflation . When combined with an ageing population , the growing proportion of the nations ’ GDP spent on healthcare was unsustainable . Now these exciting , deflationary technologies are converging to reduce costs and significantly improve outcomes for patients .” That cost reduction is critical . Getting a new drug from lab to market costs on average around $ 1.3bn , according to a recent US study . Most of that goes on the nine out of 10 candidate treatments that fail somewhere between early clinical trials and regulatory approval . “ For a long time , it made most sense to develop me-too drugs that merely refine existing therapies ,” Slater explains . “ Companies were basing decisions on commercial opportunities instead of pursuing basic science for its own sake and seeing where it takes you .” The declining grip of “ big pharma ” and its search for the next “ blockbuster drug ” has coincided with the rise of more fundamental research into disease causes . AI is replacing the slow and expensive parts of the drug discovery process . Another game-changer , Slater asserts , is the increased willingness of
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