Fierce Biotech April 25, 2024
Eagle-eyed watchers of Deloitte’s annual reports on Big Pharma will have noticed a depressing trend—ever-increasing costs for developing drugs over the past decade as the return on investment sinks.
A brief uptick in the internal rate of return (IRR) during the COVID-19 pandemic appeared to be an anomaly, with the long-term trend reasserting itself in 2022 to produce a IRR of just 1.2%, the lowest in the 14 years Deloitte has been monitoring the scene.
But the 2023 figures are now in, and they suggest the picture isn’t as bleak as feared. In fact, the IRR jumped up to a healthy 4.1% last year, according to the April 25 report. The authors branded this a “welcome sign of improvement.”
Interestingly,...
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