Blog: Skyrocketing Biotech Development Costs & How Horizon Avoids Them
Bringing a drug to market is an extended process with numerous, unpredictable variables. Initial research is just the beginning, as four phases of clinical trials must be completed and regulatory approval given before a drug can be marketed for general availability. How long does that take? There is no easy answer. It could take three years. It could take two decades. Regardless, it requires as substantial an investment of time as money. And evidence shows that biotech development costs are only getting higher.
Evidence shows that, since 2006, the average cost to discover and bring a new drug to market has increased 64 percent — rounding it to near $1.32 billion in 2006 (PhRMA, 2009). Should that rate of increase remain, this cost will eventually balloon to $2.6 billion. However, only 21.5% — barely one-fifth — of all experimental drugs earn regulatory approval and go to market (“R&D costs are on the rise,” Medical Marketing and Media, June 2003). And it’s mainly due to critical shortcomings in project design.
No two projects are the same, but none can succeed without an individualized, detailed plan. At Horizon BioAdvance, we collaborate with sponsors and investigators to develop comprehensive research plans that span concept to commercialization. By working to minimize long production-development times, we can reduce the cost of clinical trials.
That’s why Horizon BioAdvance is a “one-stop station” for every resource related to clinical and translational research. Here, trial-specific research coordinators assist with day-to-day research activities, and top-rated clinicians are available for troubleshooting. And as a single-source service provider, we are able to arrange a trial up to six months faster than our competitors. Thanks to our clinical affiliations and strong, interactive community partnerships, volunteer recruitment is never a hurdle.
At Horizon BioAdvance, we understand research and deliver results with the highest ethical standards. So far, our accomplishments speak for us. In 11 years, we have grown from a single clinical trial to 121 active, ongoing trials and a large number of completed trials. That’s because we understand that bringing a drug to market is not only a business partnership, it’s an intellectual partnership.
The saying is true in biotech development as it is elsewhere: Time is money. Horizon BioAdvance thinks more intelligently about the investment of time from the start, so that the journey of a drug may end not in disappointment but in the marketplace. - See more at: http://horizonbioadvance.com/skyrocketing-biotech-development-costs-how-horizon-avoids-them#sthash.xXKx1K6A.dpuf