Clinical testing of chemical compounds for approval as drugs goes through 3 successive stages: -phase 1: testing on about 50 healthy individuals to…

Clinical testing of chemical compounds for approval as drugs goes through 3 successive stages: -phase 1: testing on about 50 healthy individuals to….

Clinical testing of chemical compounds for approval as drugs goes through 3 successive stages:

-phase 1: testing on about 50 healthy individuals to investigate possible side effects. 70% of compounds pass Phase 1. Cost $7.3m per compound

-phase 2: testing on about 200 patients to investigate effectiveness in curing illness. 43% of compounds pass phase 2. Cost $18.9m per compound

-phase 3: testing on about 3000 patients to investigate effectiveness in curing illness. 67% of compounds pass phase 3. Cost $43.3m per compound

Starting with 5 chemical compounds, what is the expected cost of clinical testing to produce one drug, including the cost of testing unsuccessful compounds.

Clinical testing of chemical compounds for approval as drugs goes through 3 successive stages: -phase 1: testing on about 50 healthy individuals to…

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