Regulation is a matter of life and death in the pharmaceutical industry. Rules to combat practices that can kill have been in force for decades, but tech developments are rapidly creating new risks and focusing lawmakers’ attention on areas where some compliance teams may lack experience.
Globally, the sector is booming. According to the Robinson Brothers’ website, the global pharmaceutical industry is forecast to be worth $1.6 trillion this year. Costs are also high. It typically costs up to £1.15bn to develop and market a new treatment – which can take more than 12 years – and 95 percent of all experimental medicines studied for human treatment fail to achieve approval.
