Switzerland is known for providing bespoke pharmaceutical solutions through its access to and funding for intensive research and development of low volume speciality chemicals. Switzerland has seen many success stories and inventions in the pharmaceutical industries. Roche is credited with inventing Invirase, the world’s first HIV protease inhibitor drug in 1995 and later, co-created Funzeon, which stops the HIV virus from entering human cells. In addition, Novartis has been widely recognised for their work on cancer treatment through their aromatase blocker letrozole (Femara) which is used in the treatment of early-stage breast cancer.
Turning ideas into innovation, research and development (R&D) is the lifeblood of the life sciences industry. In an increasingly competitive environment, a company’s survival is almost wholly dependent on the discovery and development of new products, including medicines, vaccines and medical devices. Research and development is a serious investment in time and money – on average, large multinational drug companies spend 17% of their revenues of R&D. The average cost to research and develop each successful drug is estimated to be $2.6 billion, while it takes approximately ten years to bring a new drug to market.
Technological advancements have reduced the cost of research and development – helping to accelerate investment in life sciences – while also creating new opportunities for product innovations as the Fourth Industrial revolution blurs the boundaries between the biological, physical and digital worlds. According to a report by KPMG, the cost of drug R&D will drop by 2030, leading to numerous benefits for the both the industry and consumer in terms of cost savings.
Interpharma is the leading representational body for research-based pharmaceutical companies in Switzerland and provides a wealth of information to its network through regular market updates and reports. At 5.5 billion francs, the pharmaceutical industry accounted for around 35% of all in-house R&D spending in Switzerland, which was thus around three times as high as the amount spent in the engineering and metal industry. Globally, R&D spending in medical device is anticipated to grow by 4.5% to hit $39 billion by 2024.
Our Zurich based consultants are specialists in their markets, recruiting top talent for the R&D jobs market throughout Switzerland and Europe.