Innovation in the pharmaceutical industry: New estimates of R&D costs.
@article{DiMasi2016InnovationIT, title={Innovation in the pharmaceutical industry: New estimates of R&D costs.}, author={J. DiMasi and H. Grabowski and R. W. Hansen}, journal={Journal of health economics}, year={2016}, volume={47}, pages={ 20-33 } }
The research and development costs of 106 randomly selected new drugs were obtained from a survey of 10 pharmaceutical firms. These data were used to estimate the average pre-tax cost of new drug and biologics development. The costs of compounds abandoned during testing were linked to the costs of compounds that obtained marketing approval. The estimated average out-of-pocket cost per approved new compound is $1395 million (2013 dollars). Capitalizing out-of-pocket costs to the point of… CONTINUE READING
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