The global pharmaceutical industry portfolio is skewed towards cancer and rare diseases due to more predictable development pathways and financial incentives. In contrast, drug development for major chronic health conditions that are responsible for a large part of mortality and disability worldwide is stalled. To examine the processes of novel drug development for common chronic health conditions, a multistakeholder Think Tank meeting, including thought leaders from academia, clinical practice, non-profit healthcare organizations, the pharmaceutical industry, the Food and Drug Administration (FDA), payors as well as investors, was convened in July 2022. Herein, we summarize the proceedings of this meeting, including an overview of the current state of drug development for chronic health conditions and key barriers that were identified. Six major action items were formulated to accelerate drug development for chronic diseases, with a focus on improving the efficiency of clinical trials and rapid implementation of evidence into clinical practice., Competing Interests: Conflict of interest Konstantin A. Krychtiuk: advisory boards Novartis, Sanofi, Amgen; speaker fees Amgen, Daichii Sankyo, Zoll Medical Tomas LG Andersson: employed by AstraZeneca, owns stock in AstraZeneca, travel support by AstraZeneca Ulrike Bodesheim employed by Bayer AG; Javed Butler: Consulting fees: 3ivelabs, Abbott, Amgen, American Regent, Applied Therapeutics, AstraZeneca, Bayer, Boehringer Ingelheim, Bristol Myers Squibb, Cardiac Dimension, Cardior, CVRx, Cytokinetics, Edwards, Element, Faraday, G3 Pharmaceutical, Imbria, Impulse Dynamics, Innolife, Inventiva, Ionis, Janssen, LivaNova, Lexicon, Medtronic, Merck, Novartis, Novo Nordisk, Otsuka, Occlutech, PharmaCosmos, Roche, Sanofi, Secretome, Sequana, Tricog, Vifor; Speaker Fees: Novartis, Boehringer Ingelheim-Lilly, Astra Zeneca, Impulse Dynamics; Lesley H Curtis: Fees Boehringer Ingleheim, NIH, and Regeneron Pharmaceuticals Mitchell Elkind: Grants: Roche; Lecture Fees: Atria Academy of Science and Medicine; Travel Support: American Heart Association; Adrian F. Hernandez: Consulting fees Amgen, AstraZeneca, Bayer, Boehringer Ingelheim, Boston Scientific, CSL Behring, Cytokinetics, Eli Lilly, Intellia Therapeutics, Merck, Novartis, Novo Nordisk, Prolaio; Grants/Contracts: American Regent, AstraZeneca, Bayer, Boehringer Ingelheim, Intellia Therapeutics, Merck, Novartis, Novo Nordisk, Verily; Christoph Hornik: None declared; Gary H Lyman: Consulting Fees: Sandoz, Astra Zeneca, Beyond Spring, G1 Therapeutics, Merck, Partners Healthcare, ER Squibb, Samsung, Fresenius Kabi; Pooja Khatri: grants from Cerenovus; serving on the scientific advisory boards of Lumosa; Shionogi, Bayer, and Basking Biosciences; andreceiving online publication royalties from UpToDate; Michael Mbagwu: Stocks in Verana Health as employee Masahiro Murakami: employed by Eli Lilly; Gwen Nichols: None declared; Lothar Roessig: employed by Bayer; Anne Quinn Young: None declared; Richard L. Schilsky Consulting Fees: Cellworks, EQRx, Zephyr AI, Clarified Precision Medicine, Illumina, Member, DSMB, Baseline Study sponsored by Verily Chairman, Scientific Advisory Board, Ontario Institute for Cancer Research Member, Strategic External Advisory Committee for Canadian Cancer Trials Group Chairman, Board of Directors, Reagan-Udall Foundation for the FDA, Member, Board of Directors, Friends of Cancer Research, Member, Board of Directors, Leap Therapeutics; Neha Pagidipati: Research support from Alnylam, Amgen, Boehringer Ingelheim, Eggland's Best, Eli Lilly, Novartis, Novo Nordisk, Verily Life Sciences; Consultation/Advisory Panels for Bayer, Boehringer Ingelheim, CRISPR Therapeutics, Eli Lilly, Esperion, AstraZeneca, Merck, Novartis, and Novo Nordisk; Executive Committee member for trials sponsored by Novo Nordisk and by Amgen; DSMB for trials sponsored by J+J and Novartis; Medical advisory board for Miga Health., (Copyright © 2024 Elsevier Inc. All rights reserved.)