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Follow on Google News | Cost and Time of New Drugs Increasingly Prohibitive: Kalorama ReportThe cost of drug development has soared during the past decade driving pharmaceutical companies to look for new, smarter ways of conducting clinical research.
The cost and time of developing and bringing a drug to market is over $1.3 billion and often takes as long as 15 years, if not longer. A key cost driver is the large number of failures during the expensive clinical trial phases. Research illustrates that over 80% of the drugs that enter clinical trials eventually fail to get approved by the FDA. Even if funds are available, there’s no telling if a drug candidate will make it. A study from the Tufts Center for Drug Development concluded that 75% of the drugs that enter phase I move forward to Phase II, however, only 42% of those progress to Phase III. Of those Phase III drugs, only 64% successfully make it through to FDA approval. End
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