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The monopoly held by the large pharmaceutical companies within drug discovery could be falling into the hands of biotechnology firms claims Frost and Sullivan.
Biotechnology is taking over the pharmaceutical stronghold
The monopoly held by the large pharmaceutical companies within drug discovery could be falling into the hands of biotechnology firms claims Frost and Sullivan. The consultancy company's report, Biochips Technology Redefines Process of Drug Discovery, states that biochip manufacturers are encouraging end users to accept the new technology by providing novel and effective solutions.
In return for the offers provided by the biochip manufacturers, drug discovery companies are slowly incorporating the technology into the product pipeline, which is aimed at reducing timelines and attrition rates. Drug targets can be identified and prioritized quickly with the technology because biochips have the ability to confirm several gene expressions at the same time.
However, the innovative nature of the technology is not enough to cause widespread uptake, which is currently slowed by the cost. Potential customers are unsure if the benefits outweigh the initial price. Nevertheless, this market is predicted to grow by 25% from 2004–2011, with higher growth expected in the protein section because of the nature of drug targets.