HIT Consultant November 25, 2024
While most technology- and innovation-oriented industries have followed the general principles of Moore’s Law, which holds that computing power would double yearly, while costs were cut in half, the life sciences industry appears to be spending more money developing fewer drugs.
According to the latest data, the cost to take a drug candidate from the discovery stage, all the way to market launch, hit $2.3 billion in 2022—a $298 million rise from 2021. Meanwhile, there were just 37 novel drugs approved for the year, the fewest since 2016. While part of that is attributable to the unique nature of drug development, versus other industries, and the enormous stakes at play if researchers, manufacturers and regulators fail to hit the...
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