Perspectives on Business Management, Economics & Information Technology (PBMEIT) Now also covers research on Psychology

PBME Volume IV ISBN: 978-81-951151-2-9

CHALLENGES AND OPPORTUNITIES OF DRUG REPURPOSING: A COST-EFFECTIVE STRATEGY FOR PRODUCT DEVELOPMENT AND NEW MARKET DEMAND

Author(s): SHASHWAT KHARE & Dr. P.S. RAYCHAUDHURI

Abstract

The drug repurposing is essentially a re-positioning of the drug for a different disease or medical condition from already created and licensed to treat another set of indications/ symptoms of the original disease or medical condition. The various existing antiviral previously developed for the treatment of severe acute respiratory syndrome, malaria, HIV/AIDS has been identified as possible therapies for COVID-19. The main objectives of the study are to (a) explore the market demand of re-purposed drugs during COVID-19; (b) Analyzing the conventional drug production method to drug repurposing, evaluate the possible cost savings; (c) understand the emergency approval process during Covid-19; (d) explore how the pharmaceutical companies develop their new market with the repurposed drugs and (e) explore how the repurposing of drugs play a key role in the prolonged product life cycle of a drug. A descriptive study was performed. As of date the total volume of sales by different pharmaceutical firms and the corresponding total market value of the drugs used in COVID-19 including Remdesivir and other drugs stand at approximately Rs 2000-2500 crores. Of the 28 drugs approved by the USFDA (including both novel and repurposed) in the first quarter of 2020, 12 drugs were repurposed. The product development of repurposed drugs can be more rapid and cost-effective than the traditional discovery and development of drugs. The pharmaceutical companies have been active in developing their new markets with fresh target customers/ physicians where they can use the original brand equity with different indications to sell it.

Keywords: repurposed drugs, market development, product development, product life cycle, cost-effectiveness

JEL Classification: I11, I15, M31

Download Full Paper (PDF)

© 2020-2024 Perspectives on Business Management & Economics (PBME)