Updated on 5 March 2014
"With emphasis on higher education and research in universities, high risk-capital, tolerant to failures, supportive governmental policies, we can get there," he summarized.
Another keynote speaker, Mr Chris Stirling, expressed that the current industry model doesn't put patients at the heart of its decision-making. "Judgments are influenced by developments and block-buster products, which are expected to drive block-buster returns for shareholders," he said.
Mr Stirling also was heard quoting the New England Journal of Medicine that, "Over 50 percent of the drugs have not demonstrated any tangible patient benefits."
He also commented that, "Putting patients in the center will move the industry. About 90 percent of the healthcare budget is spent on services and infrastructure, and only 10 percent is spent on drugs.
Mr Stirling advised by saying, "Companies need to implement three fundamental steps. First is to promote new business models since traditional research model is not working as it used to be. The return on R&D has fallen from the industry's average of 20 percent twenty years ago, to an average of 10 percent now. Secondly, prioritizing patients' perspective is important to better understand patients, which allows development of innovative patient-centered treatments. Research should address the patients' needs and not just symptoms. Thirdly, we need to foster a culture of collaboration, since it is just as important as innovation."