Biologic medicines are currently revolutionizing the pharmaceutical market. These drugs target specific parts of the immune system to treat various diseases like cancer, rheumatoid arthritis, psoriasis, and more. Currently the fastest-growing medication in the USA, in the last few years, biologic medicines' spending has been increasing at a compound annual growth rate of 12.5%. Despite their great efficacy at curing various conditions, biologics development is still facing several challenges.
Challenges in Current Biologic Drugs Development
When it comes to patients, the main issue concerning biologic medicines is high costs. Even though only 2% of the US patient population is now using these drugs, these medications account for 40% of the country's total spending. On top of this, biologic medicines were not developed with a diverse population in mind and consequently are ineffective on several patients.
Small and medium biotech companies are also facing difficulties, with their main challenge being finding third-party manufacturers. Thankfully, some US companies are now tackling these problems. One of these is Prana Biosciences.
Prana Biosciences' Unique Approach
Prana Biosciences is an early-stage biotech company whose main aim is to discover and develop biologic medicines to cure conditions ranging from cancer to immune and infectious diseases. Based in Greater Boston, USA, this company is trying to solve some of the main challenges now faced by biologic drug development. Its unique approach consists of combining well-established practices with AI-supported technology.
How Prana Biosciences Is Addressing Current Biologic Drugs' Challenges
Thanks to the company's innovative approach, people working at Prana Biosciences were able to identify four biobetters, an improved type of already approved biologics, which will be able to treat a more diverse population around the world. As of today, the four biobetters identified by Prana Biosciences still need to be developed, clinically tested, and approved by the regulatory bodies, but they seem highly promising. These biobetters are characterized by enhanced tolerability, leading to higher safety levels, and require less frequent dosing due to their high efficiency.
In addition, Prana Biosciences is now planning to open a bio-manufacturing unit. This will not only function as a center for the company's discovery and development of biologics but also as a contact development and manufacturing organization to serve small and mid-sized biotech companies to increase the availability of these powerful substances.
Today, antibodies remain among the most innovative medicines in the pharmaceutical industry. As of 2022, the estimated global monoclonal antibodies market was valued at USD 186.6 billion, and this sector is anticipated to surpass USD 566.73 billion by 2032. Despite the current challenges this sector is now facing, such as high costs, low availability, and inefficacy on a large number of patients, companies like Prana Biosciences are investing in this technology to promote its spread and hopefully make these innovative medications more affordable and accessible for all.
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