Evolving Past the Innovation Status Quo

WIRED | OptiNose
By Peter Miller, CEO, Optinose

A decade ago, the accepted approach to innovation in the healthcare / pharmaceutical sector was a (relatively) straightforward one: invest heavily in R&D, discover new molecules, shepherd them through years of testing and regulatory approvals, and cross your fingers that in the end all goes well and you have a product that can generate a positive ROI. Consider that a recent Tufts Center study pegged the average cost of bringing a drug to market at just under $2.6 billion and the average success rate for a new molecule eventually receiving approval is approximately 0.01% — significantly worse odds than succeeding as a restaurant entrepreneur, where just about everyone fails.