Drug development is a costly, long, and uncertain endeavor. The cost of taking a drug from preclinical research through market approval is $2.6 billion according to a recent study by the Tufts Center for the Study of Drug Development.
Drug development is a costly, long, and uncertain endeavor. The cost of taking a drug from preclinical research through market approval is $2.6 billion according to a recent study by the Tufts Center for the Study of Drug Development.1 This huge cost has largely been attributed to rising clinical development costs and high failure rates of drugs tested in Phase 2 studies or later. On average, only 14% of drugs in development make it to market2 and the average time to move a drug from Phase 1 to approval is about 10 years.3 In addition, failure can also happen in the drug manufacturing process or the industrialization of the drug delivery device.
At Portal, we are acutely aware of the costs, risks and uncertainty involved with drug development and delivery. We know that introducing a novel needle-free drug delivery device into the market may appear to increase the technical risks. So, we have taken deliberate steps to identify and “de-risk” the process of partnering with us.
The development of new drugs is inherently risky. Portal Instruments is transforming the drug delivery landscape by responding to a real patient unmet need, backed with robust science. Needle-based self-injections are a real struggle for patients at a time when they are vulnerable and affected by sometimes a life-threatening disease. We can change that and turn the self-injection challenge into an opportunity to assist patients on their road to improve their health. Portal’s vision for a needle-free world is enabled by our maniacal obsession to systematically and rigorously identify, break down, and mitigate risks. This has been the key to make our pharmaceutical partners feel confident about working with us.
With the COVID-19 vaccine becoming more readily available, there is the outstanding question of how many people will get vaccinated and will it be enough to help society as a whole achieve herd immunity.
June 7th, 2023 Cambridge, MA – Portal Instruments is pleased to announce that Bill Rich has joined its Board of Directors. Mr. Rich is a seasoned executive with vast leadership experience in biotechnology, medical devices, and pharmaceuticals.
In the consumer tech world, iterations happen very fast, though most inventions are not ‘one and done’ masterpieces: the Dyson cyclone vacuum cleaner made 5,127 prototypes. In the medical device world, development takes longer because of the appropriate and necessary regulations and need for safety.
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