This week we speak to Brian D Smith, professor and author of a brand new book New Drugs, Fair Prices. In the book and on the show Brian suggests that we can have our cake and eat it too - meaning that we can have fair drug prices, yet still encourage pharmaceutical innovation.
Brian talks us through what it means to apply a generalised Darwinian approach to the life sciences ecosystem and how considering the complex adaptive ecosystem as a whole opens up new perspectives to solving the polarising debate about drug prices on one hand and encouraging innovation on the other.
Applying this theoretical perspective ends up with some very practical solutions to some of the ailments of our industry. Getting to the solutions, we travel through some of the habitats of the ecosystem to discover the challenges the industry faces.
We dive deeper into the discovery habitat. The purpose of this habitat is about creating new knowledge. This is often done in universities and publicly funded labs. Predictivity is one of the challenges in this industry - meaning that it is not directly transferable to actual medicine. Understanding translational science better will help us ensure a better conversion rate between discovery and actual drugs.
You do not solve problems in a complex adaptive ecosystem with just one solution. Like removing one weed in your garden will not create a flowerbed. You need to apply a range of solutions and react to how the ecosystem reacts. In the book, Brian suggests 27 solutions to the problems in our ecosystem - and all are interconnected. These solutions are societal projects - not just government projects or industry projects.
Revisit Episode 8 of Season 1 where Brian first guested us: https://transformationintrials.buzzsprout.com/1906263/10832267-brian-d-smith-changing-your-dna-to-pursue-a-novel-business-model
Guest:
Brian D Smith: https://www.linkedin.com/in/drbriandsmith/
Who is Professor Brian D Smith video: https://youtu.be/35HFWM6tbTc
Pragmedic website https://www.pragmedic.com/
Brian’s email for sample chapter or other questions: brian.smith@pragmedic.com
Book: New Drugs, Fair Prices
Book trailer video: https://youtu.be/aozQuvjMRCw
Publisher’s website with discounted book: https://www.routledge.com/New-Drugs-Fair-Prices-Managing-the-Pharmaceutical-Innovation-Ecosystem/Smith/p/book/9781032361055
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