Bringing a medicine to market cost just less than $2.6 billion in 2013, up from $1 billion in 2000, according to a study from Tufts University in Boston, Massachusetts.
The study reports that higher out-of-pocket costs for drug developers and an increased failure rate of human trials are the primary drivers of the cost increase.
Jim Greenwood, president and CEO of the Biotechnology Industry Organization, said the study confirmed that drug development remains an extremely expensive, complex, and risky endeavor, and grows more so each year.
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