Biomedical Product Development Costs

The Tufts Center for the Study of Drug Development announced it has developed the first comprehensive estimate of the average cost of developing a new biotechnology product, and pegged it at $1.2 billion with average preclinical costs of $615M and clinical costs of $626M, and just over eight years to bring the product to market.

Thanks to the Colorado Life Science blog for noting this, and providing additional information.

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