By Omer Gulzar
To kick off the New Year, Savino DiPasquale, Vice-President of Business Development and Corporate Planning for GSK, provided an overview of pharmaceutical industry trends from the perspective of a leading global multi-national firm. This event was hosted by Life Science Ontario at the GlaxoSmithKline headquarters in Mississauga Ontario on the 18 of
January.
He stated that the goal of a pharmaceutical company is not solely to create a product and make as much money from it as possible, but also to create innovative processes and medications that allow humans to live a more enjoyable and carefree lifestyle. He further elaborated that this is the glue that binds all persons working in the life science industry.
To carry out and fund new and ongoing research he announced that on November 10th 2011 GSK had started a $50 million dollar fund that would be available to researchers for innovative and novel ideas to treat disease and illnesses.
To both the audience and my amazement, Savino stated that even a global player like GSK has about 70% of its emerging pipeline through partnerships with other outside biotech firms.
In response to why such a shift has taken place, Savino stated that after the 2008 financial meltdown all industries had to dramatically shift the way they conducted business. Every company and industry goes through the process of evolution and for the life science industry it is through partnerships and mergers that they can access brilliant scientist that have the ability to generate the innovative ideas the life science industry needs.
This series is an excellent avenue for the life science industry to exchange ideas and get a unanimous train of thought that will allow the life science industry in Ontario and in Canada to flourish.
Omer is currently at the University of Toronto finishing his undergraduate degree in Biotechnology. At the RIC he is undertaking an internship as a Bio-business intern, where he brings together his science based analytical skills and merges them with business development.
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