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Cost of New Biologic Therapies pegged at $1.2 Billion

Posted in Pharmaceuticals | Saturday, November 11th, 2006 | Trackback

THE TAKE ON PHARMACEUTICALS

Cost of New Biologic Therapies

Boston, Massachusetts

The Tufts Center for the Study of Drug Development reported in a recent study that the average cost to develop a new biotechnology product is currently $1.2 billion.

In contrast to drug development by pharmaceutical companies, development for a complex biologic therapy takes longer and costs more. To go through human testing and regulatory review, it takes 97.7 months for biotechnology products versus 90.3 months for more traditional medicines.

Tufts CSDD said the $1.2 billion estimate reflects the costs of drugs that fail in testing and the time costs associated with bringing a new biopharmaceutical to market.

“While biotech offers significant promise in treating entire categories of diseases for which no medicines previously existed, it comes at a significant cost,” said Tufts CSDD Director of Economic Analysis Joseph A. DiMasi.

Biopharmaceuticals had an overall clinical approval success rate of 30.2% vs. 21.5% for traditional pharma firm pipelines.

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The Tufts Center for the Study of Drug Development at Tufts University provides strategic information to help drug developers, regulators, and policy makers improve the quality and efficiency of pharmaceutical development, review, and utilization. Tufts CSDD, based in Boston, conducts a wide range of in-depth analyses on pharmaceutical issues.

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