Life Sciences

Why U.S. Prescription Drugs Cost So Much

The pharmaceutical and biotechnology industry is an incredibly rewarding place to work. We get to help patients feel better, more effectively manage their conditions, cure their diseases, and even prevent them from getting sick all together.

Life Sciences - How Artificial Intelligence Can Enhance the Clinical Data Review and Cleaning Process
How Artificial Intelligence Can Enhance the Clinical Data Review and Cleaning Process

This guide analyzes how artificial intelligence – including machine learning – can be used by pharmaceutical and medical device companies to improve the clinical data review and cleansing process.

Get the Guide

But the life sciences industry is not without its challenges. According to a recent Pharmaceutical Research and Manufacturers of America (PhRMA) report:

  • It takes an average of 10-15 years to develop a drug
  • Fewer than 12% of drugs that made it to the clinical trials stages are approved
  • The cost to develop a drug has skyrocketed from $1 billion to over $2.6 billion in the past decade

Why does the drug development process take so long and cost so much? In an upcoming series of posts, we will attempt to answer this question by providing insight into the United States Food and Drug Administration (FDA) drug approval process. These posts will cover:

  • Preclinical: Compound development, animal testing, and investigational new drug (IND) applications
  • Clinical: Clinical trial phases I, II, and III
  • NDA Review: Pre-meeting for a new drug application (NDA), the NDA itself, the NDA review process, drug labeling, facilities inspections, and (finally!) drug approval
  • Post-Marketing: Clinical trial phase IV

Stay tuned! While you await the upcoming posts, feel free to download our latest guide by filling out the form below.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Marin Richeson

Marin joined the life sciences industry in 2001. Over the course of her tenure, she has held roles in clinical finance, IT, quality assurance, and validation. The diversity of her experience provides her with a unique perspective on the interconnectedness of this complex, multi-faceted industry. Marin Richeson is a lead business consultant in Perficient's life sciences practice.

More from this Author

Subscribe to the Weekly Blog Digest:

Sign Up
Follow Us