The Shrinking Value Of Best-In-Class And First-In-Class Drugs

Incumbency ain’t worth what it once was. Pharma companies are spending billions to create advantages that won’t have significant lasting power. Smart followers can do as well – for less.

It’s the Planck constant of the pharmaceutical industry: if you’re going to build a commercially successful drug, it needs to be either first- and/or best-in-class. Either one can create incumbent market share leaders – and incumbents in drugs, like incumbents in the legislature, are enormously difficult to dislodge. As a consequence, the first/best-in-class principles are used to justify enormous risk and enormous expenditures. They’ve even created a market for priority review vouchers.

And yet they're becoming less relevant -- or at least relevant for shorter periods of time.

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