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The Economist Pharma Summit 2014: 20 Years of Debate: Pharmaceutical Industry Convenes at The Economist Events' Pharma Summit 2014 to Discuss Reinventing Business Models and Markets

LONDON, March 14, 2014 /PRNewswire/ --

The Economist Events' 20th Annual Pharma Summit held in London yesterday was host to some of the industry's most high-profile leaders who offered their perspectives on a number of topical issues facing the sector. Sponsored by EY, this year's theme, 'Reinventing Business Models and Markets', observed the challenges the pharmaceutical industry faces in the current climate and the future of life science innovation.  

A broad range of viewpoints were given on how to deal with the most pressing of sector trends including the use of Big Data in healthcare, access to medicines and the exploration of new markets. Panel speakers offered contrasting and thought-provoking commentary leading to lively debate amongst the packed room of delegates.

Opening Keynote speaker, President,  Global R&D of Sanofi, Elias Zerhouni, stated: "Despite huge scientific innovation, our ability to produce health solutions is decreasing. In the past we had to wait for the patient to be sick before we intervened, the future will be the opposite. There is a need for more collaboration between industry and stakeholders on understanding population groups and disease biology."

Bruno Strigini, President, MSD Europe / Canada, during his presentation entitled Pharma Innovation in Action commented: "Innovation remains at the core of our industry and today's health challenges are too complex to be addressed by any single person or organisation. I am proud to work for the industry which is bringing innovation to patients."

Richard Price, Chief Executive Officer,, speaking on a panel investigating the big data revolution in Pharma and Biotech, said: "Reproducibility is a major issue in science. Amgen found that 89% of the peer-reviewed literature in oncology was not reproducible. Bayer found similar levels of non-reproducibility. The incentive system in science is about getting papers published in scientific publications and not necessarily about publishing reproducible research. If we want to increase reproducibility in science, we need to make reproducibility a key metric that scientists are optimizing for. Scientists will figure out how to adapt their behaviour with reproducibility in mind."

John Milad, Chief Executive Officer,  Quanta Fluid Solutions speaking on a panel investigating paying for the future of R&D,concluded: "Europe is home to a rich tradition of innovation in science and medicine and is growing its critical mass of innovative healthcare companies. True innovation will be rewarded with investor support."

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About The Economist Events

The Economist Events' philosophy is to tackle issues with a forward-looking, uniquely global perspective. We aim to create events for the intellectually curious: people who enjoy ideas and who are passionate about the issues that define our world.

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About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

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About Consilium Strategic Communications

Consilium Strategic Communications is a global leader in healthcare communications. Consilium's highly-skilled team provides strategic, long-term advice to corporations, Boards, senior decision makers and executives on critical communications programmes and stakeholder challenges. The Company has established deep knowledge across all areas of the global healthcare sector through broad experience in representing international clients spanning the Fortune 500, FTSE100, FTSEurofirst 300 and FTSE250, through to discrete specialist reputation management projects.

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SOURCE The Economist Pharma Summit

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