Nanalyze January 15, 2020
It’s no secret that it’s extremely expensive to develop new drug therapies. One study estimates that pharmaceutical firms spend between $2 billion and $3 billion and more than a dozen years in R&D activities to get a new FDA-approved drug to market. An important step in the process is the clinical trial where human guinea pigs volunteers are used to test the toxicity and efficacy of a new treatment. One recent paper has argued that the median cost of the clinical trials needed to win FDA approval is only $19 million. Regardless, the price tag is still pretty high, especially for many mom-and-pop biotechs. That’s why startups like Qolty are trying to digitize medical research using big data and the...
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