CNBC June 25, 2020
Key Points
– The average cost of bringing a new drug to market has been estimated to be as high as $2.6 billion, with two-thirds of the cost going to clinical trials — about 90% of which end in failure.
– Eager to streamline the process during the pandemic, researchers, pharmaceutical companies and a handful of tech start-ups are experimenting with a new model: virtual clinical trials, also known as remote or decentralized trials.
– Though Covid-19 has accelerated the adoption of decentralized trials, the traditional model is not likely to disappear anytime soon.
As Covid-19 has swept across the globe, the public has gotten a rare glimpse into the long, expensive process of drug development. But while health experts...