Ten of the world’s largest drug makers joined together to create Trancelerate Biopharma, a new nonprofit generated from a routine meeting of drug company research chiefs. The goal of this new and innovative organization is to reduce duplicative work, therefore cutting new medicine development costs and saving time.

As reported in a recent article on Forbes.com, Trancelerate will focus on “wastefully duplicated procedures like training physicians, running websites, or creating regime [procedures.]” (Herper) Although the organization does not yet have a chief executive, they have already secured several notable backers including Eli Lilly and Company, GlaxoSmithKline, and Johson & Johnson to name a few.

Transcelerate will also focus on creating industry standards. The article in Forbes, shared that “some companies record a male as a 0 and a female as 1, while others do the opposite.” (Herper) Transcelerate could help tremendously by defining nationwide standards.

As of now, Transcelerate has established five tasks to tackle including creating clinical data standards, standardizing risk measurements to patients, creating a common website for clinical trials, standardizing training programs for doctors and qualifying clinical trials, and finally standardizing the process of securing deals pertaining to comparative studies. Overall, Transcelerate plans on increasing the efficiency of drug development by optimistically cutting costs and attempting to create industry-wide standards and regulations.

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To learn more about the newly introducted Trancelerate Biopharma, click here.