Ten biopharmaceutical companies, Abbott, AstraZeneca, Boehringer Ingelheim, Bristol-Myers Squibb, Eli Lilly and Company, GlaxoSmithKline, Johnson & Johnson, Pfizer, Genentech and Sanofi have established a non-profit organization TransCelerate BioPharma to advance pharmaceutical research.
Each company will contribute financial and other resources to meet the challenges faced by the company in developing new medicines.
The TransCelerate members accepted objectives and guidelines for sharing useful data and skill that contribute to the development of new medications.
TransCelerate BioPharma newly appointed acting CEO Garry Neil said there is need to substantially increase the number of new medicines at the same time eliminating inefficiencies that raises R&D costs.
"Our mission at TransCelerate BioPharma is to work together across the global research and development community and share research and solutions that will simplify and accelerate the delivery of exciting new medicines for patients," Neil added.
The initiative's primary focus will be on executing clinical study and the group selected five projects for funding and development.
Group's development activities related to the projects include shared user interface development, common recognition of study site qualification and training, development of risk-based site monitoring approach and standards, development of clinical data standards besides establishment of a comparator drug supply model.
TransCelerate will get in industry alliances such as Clinical Data Interchange Standards Consortium, Critical-Path Institute, Clinical Trials Transformation Initiative, Innovative Medicines Initiative, regulatory bodies even the US Food and Drug Administration and European Medicines Agency and contract research organizations.
TransCelerate BioPharma, incorporated in August 2012, is expected to file for non-profit status shortly.
