A conversation about clinical trial costs, challenges and opportunities
A report by the Tufts Center for the Study of Drug Development claims it costs $2.6 billion to develop a drug over the course of more than a decade. When the Center conducted the same research in 2003, it cost an estimated $802 million to develop a drug — or the equivalent of $1.04 billion in 2013.
So why the 8.5% annual growth rate?
The study notes many factors playing a role in rising clinical costs including increased clinical trial complexity, larger clinical trial sizes, changes in protocol design, and others.
I spoke with Sramana Mitra about the rising costs and different technologies that can help turn these alarming numbers around. We talked at length about how AG Mednet was developed, the clinical trial challenges we’re working to solve, and gaps in the clinical trial industry that offer opportunities for entrepreneurs.
Check out the article and let us know what you see on the horizon for the clinical trial industry. Feel free to share your comments with us on Twitter @AGMednet and if you’d like to see the conversation, please view the SlideShare below.