Keep This In Mind Next Time You're Whining About That $15 Copay
Developing drugs is not cheap.
Developing a drug, including studies required after regulatory approval, costs nearly $900 million, according to the Tufts Center for the Study of Drug Development, an industry-funded group. The cost, estimated at $897 million, is up from an estimated $802 million in November 2001, which excluded postmarketing approval costs.
''Drug development remains a time-consuming, risky, and expensive process,'' Kenneth I. Kaitlin, director of the Tufts center, said in a statement. ''To mitigate rapidly rising R&D [research and development] costs, pharmaceutical firms over the past decade have aggressively sought to identify likely drug failures earlier in the development process. These efforts appear to be paying off, as the rate of late-phase terminations in the 1990s declined, compared to the 1980s.''
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