The process of developing new pharmaceuticals has become increasingly expensive and time-consuming. Since the 1950s, the cost of developing new drugs has roughly doubled every nine years, a trend known as Eroom's Law. This has led to a situation where bringing a new drug to market can take 10-15 years and cost significantly. The high costs and long development times are putting pressure on pharmaceutical companies to innovate and find more efficient methods. This matters because the high costs and long development times can limit access to new treatments and medications for patients in need.
Pharmaceutical Development Costs Continue to Rise
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