Report: Avg. cost of new biotech product is $1.2 billion
The Tufts Center for the Study of Drug Development (CSDD) in Boston released a report today that shows the average cost to develop a new biotechnology product is $1.2 billion.
The $1.2 billion cost reflects the costs of drugs that fail in testing and the time costs associated with bringing a new biopharmaceutical to market. Capitalized out-of-pocket preclinical cost was noted at $615 million. Non-capitalized costs were estimated to be $198 million per approved biopharmaceutical in the preclinical period.
The report also showed that on average a new product took 97.7 months to pass clinical development and regulatory review, and took eight percent longer for pharmaceuticals.
The CSDD relied on compound-specific costs for a sample of 17 investigational biopharmaceuticals from four firms that first entered clinical testing from 1990 to 2003.
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