This document discusses a new drug development paradigm (NDDP) that aims to improve the efficiency and effectiveness of clinical drug development. It outlines several proposals that call for reforming the current drug development model, including using more modeling, adaptive trial designs, and integrating clinical trials into healthcare delivery systems. The NDDP proposes a more flexible framework with early patient/payer engagement, exploratory and confirmatory research phases using modern trial designs, and post-approval studies to establish relative value. Challenges for industry include conducting large simple trials, partnering to support more efficient trials, and having a clear evidentiary strategy tailored to different drug archetypes.