Without business, research stays in the lab. It stays as a brilliant theory in a paper. It stays as an unexplored treatment. To benefit people who need it most, ideas needs to be brought to market. To be commercialized.
Collaboration means research and business working together to make this important work a reality.
For industry, development of products relating to diseases of the brain represents a major commercial opportunity. The global market for diagnostics and therapeutics in 2007 was $130.5 billion and is expected to grow by 10% annually, reaching $300 billion by 2018. However, limitations in our knowledge about the causes of brain diseases continue to hinder the translation of brain research discoveries to commercial products, a problem with relevance to all aspects of the market, including pharmaceuticals, medical devices, diagnostics, and non-pharmacological interventions. Until now.
Globally, Ontario has not been a large player in this commercial sphere relative to other jurisdictions in commercializing neuroscience–related products, despite its academic strength in the field. Until now.
The creation of the Ontario Brain Institute will enhance and focus neuroscience research across the province. Ontario will be better positioned to galvanize this sector and facilitate partnerships between industry and academia in a new collaborative effort aimed at mobilizing scientific knowledge and improving access to technology platforms that support commercial development.
What is the Commercial Potential of Brain?
In addition to the medical and societal benefits, advances in neuroscience research will lead to the development of products and commercial applications such as diagnostics, devices, and therapies with significant market value. Large multinationals including pharmaceuticals recognize the size and growth of the market in brain-related products and are making large investments into this area.
It’s a large and growing — but challenging — market for central nervous system health products.
The growing prevalence of brain diseases, plus the recent cascade of promising scientific advances, has prompted renewed interest on the part of industry in developing and commercializing brain health innovations. The 2007 global market for central nervous system (CNS) diagnostics and therapeutics was valued at $130.5 billion, second only to the market for cardiovascular therapies going forward, driven by the demand for more effective pharmaceuticals, medical devices, diagnostics, and non-pharmacological interventions, the CNS market is projected to grow by 10% per year, reaching over $300 billion by 2018.
In spite of the new knowledge and significant advances created in research laboratories over the past decade, limitations remain in our knowledge about brain diseases. These gaps continue to hinder the translation of brain research discoveries to commercialized products aimed at preventing, diagnosing, and treating brain diseases. But that can change.
There is huge market potential along with commercial challenges in four market sectors. And the key word is potential.
- medical devices
- non-pharmacological interventions
All offer opportunity.